The Federal Capital Territory Internal Revenue Service (FCT-IRS) has created a dedicated unit for the taxation of High Net-worth Individuals (HNIs) in the FCT.

In a circular signed by the Acting Executive Chairman of the Service, Michael Ango, it was indicated that the unit would focus on assessment and collection of income and other taxes as well as oversee compliance and enforcement of tax obligations by HNIs in the FCT.

The unit, will also be responsible for interface with agencies of government and other organisations, within and outside the FCT regarding the taxation of HNIs in the FCT.

Further to the creation of the unit, Ango said the FCT-IRS was now focused on the proper identification, profiling and management of high-net-worth individuals within the FCT for tax compliance purposes.

At a meeting to unveil the unit, the Acting Executive Chairman described HNIs as “Any individual whether in paid employment, self-employed, carrying on business or having passive annual income of N25 million and above in any financial year.

He urged all taxpayers that fall within this category to comply with their tax obligations and pay up all outstanding liabilities within two weeks.’’