NYESOM WIKE, MINISTER OF THE FCT, APPROVES A PROPERTY TAX IN ABUJA.

Babatunji Wusu –

Following Minister Nyesom Wike’s acceptance of a draft property tax legislation, property owners in the Federal Capital Territory of Abuja will begin paying property taxes.

Haruna Abdullahi, the Executive Chairman of the FCT-IRS, announced on Sunday, November 12, that the FCT-IRS has begun the implementation of the Capital Gains Tax Act 2004.

The Capital Gains Tax imposes a 10% tax on the entire amount of chargeable gains accruing to any individual on the disposal of chargeable assets during the assessment year.

Abdullahi claims, “The minister has approved some huge initiatives in the last three weeks that will definitely change the dynamics in terms of the bottom line.”

We recently sent the minister a draft proposal for the FCT property tax policy.

The minister is authorized by the FCT-IRS Act to develop property tax regulations for the FCT.