The Federal Capital Territory-Internal Revenue Service (FCT-IRS) has announced that residents of the FCT will need a Tax Clearance Certificate (TCC) to get any kind of service from the FCT.
“You must file your returns, you must get a tax clearance certificate, because you cannot register your vehicle, DRTS will have to get a TCC and verify it,” said Haruna Abdullah, Executive Chairman of the FCT-IRS. “You cannot get a building permit, even if it’s your wall that falls, before Development Control can give you the permit to go ahead to do that, you need to show a TCC and that TCC must be verified by the appropriate tax authority.”
Abdullah said the verification process takes just one minute because there is a QR code on the TCC.
“We are now collaborating with all relevant agencies, such that we just do our part and then you receive an email from us to say, yes, this TCC is ours, it’s fake, it’s valid, it has expired, and then it gives you the go ahead.”
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He further explained that the FCT IRS Act empowers the minister to come up with a property tax regulation for the FCT.
“After a long conversation, the Minister of FCT-IRS would come up with a draft regulation and the FCT Minister has approved the initiative,” he said. “We just inaugurated another committee and we’re now implementing the capital gains tax law. Previously, people just voluntarily go and pay so there is very little payment in terms of capital gains tax. But now, we have briefed the minister and he has approved.
“We are now going to begin to implement the capital gains tax fully. So you can imagine an FCT with a property tax, an FCT with a fully implemented capital gains tax.”
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Abdullah said the introduction of these new taxes is expected to generate significant revenue for the FCT government, which can then be used to fund essential services and development projects.
The new policy is expected to take effect in the coming months, and residents of the FCT are advised to start preparing now by filing their tax returns and obtaining a TCC.
Source: Dailytrust