FCT-IRS to enforce withholding tax on rent —acting chairman
Written by on March 31, 2022
Mr Haruna Abdullahi, the Acting Executive Chairman, Federal Capital Territory Internal Revenue Service (FCT-IRS), says plans are ongoing to enforce withholding tax (WHT) on rent.
According to Abdullahi, the aim is to ensure that the Service increases its sources of revenue generation in order for it to meet its revenue target for the year.
Abdullahi said this on Thursday in Abuja at a joint taxpayer education and enlightenment campaign organised by FCT-IRS in collaboration with the Chartered Institute of Taxation of Nigeria.
He said the campaign was aimed at enlightening people on FCT-IRS and CITN tax partnership.
According to him, rental income is earned from the rent received for using property or houses.
He said that the service would also embark on massive enumeration and registration of business premises to expand its tax-net.
The acting executive chairman said that the Service would collaborate with relevant stakeholders within FCTA to identify individuals that sold or exchanged capital asset for profit making.
Adebayo said that with the dynamic nature of taxation in Nigeria and the global space, we must keep abreast with latest development.