The Federal Capital Territory Internal Revenue Service (FCT-IRS) has announced a minimum penalty of ₦500,000 for individuals and businesses that fail to file their annual tax returns on time in Abuja. The acting Executive Chairman of FCT-IRS, Mr. Michael Ango, made this known during a tax sensitization campaign aimed at promoting voluntary compliance.
Ango emphasized that under current tax laws, taxpayers who do not submit their 2024 annual tax returns by the January 31, 2025, deadline will face fines starting from ₦500,000. He encouraged timely compliance to avoid these penalties. He also noted that a significant number of companies had already filed their returns and would receive letters of commendation from the FCT-IRS.
“For those who did not file, we are also going to write them a letter but not a letter of commendation,” Ango stated. He added that the agency would send out penalty notifications and allow defaulters a chance to comply. Beyond the fines, Ango warned that the FCT-IRS has the authority to prosecute tax defaulters.
He reminded residents that another deadline is approaching in 30 days for all individuals, employed or not, to file their annual income tax returns by March 31, 2025. Ango stressed that paying taxes is a legal obligation and that the law not only mandates compliance but also prescribes penalties for defaulters.
While advocating for voluntary compliance as the preferred approach, Ango warned that the FCT-IRS would enforce the law if necessary. He also urged unregistered taxpayers to register promptly with the FCT-IRS.
Highlighting the importance of tax contributions, Ango pointed out that the current administration has prioritized infrastructure development, including roads, schools, hospitals, and other public services, to transform Abuja into a world-class capital city.
He added that FCT Minister Nyesom Wike’s vision is to make Abuja a city that rivals any major capital worldwide, featuring reliable infrastructure, improved security, and enhanced public services. The FCT-IRS, Ango said, is committed to partnering with residents to achieve this vision.
