FCT IRS to fine defaulting MDAs N500,000

The Nigerian Federal Capital Territory Internal Revenue Service, FCT-IRS has revealed the failure of organisations, Employers of Labour or Ministries Departments and Agencies, MDAs, to file their annual tax returns on or before January 31, 2022, will attract a penalty of N500000 and above.

The Director of Tax Operations, Mr Malik Tukur, reveal this when he led the top management team and staff of the service during the service second Day sensitisation road walk show from Conoil Filling Station Jabi-Utako, Abuja

The Director further hinted that those of the individuals attracts who failed to file their tax returns on or before March 31, 2022, will attract fines of N50,000.

He warned that FCT-IRS may be left with no choice, but to begin the enforcement of the tax laws on defaulters.

Mr Malik who emphasized that taxation was essential for the running of Government, said the filing of annual returns enhances transparency and accountability.

“The Employers has the mandate by law to deduct employee’s tax from sources and remit same to the government. They as trying. This area of remittances is where accountability is lacking. For instance, when all employees file their personal income tax returns, it will bring accountability and transparency. Coming and filing annual returns does not mean coming and paying tax. Just file your annual returns, you pay tax only when you make a profit or earn income” Tukur said.

According to Mr Tukur, it cost Government huge resources to put infrastructure in place as well as maintenance.

He, therefore encouraged all taxpayers, particularly FCT residents to embrace the culture of paying taxes, especially now that the revenue from the nation’s crude oil could no longer cater for the myriad yearnings of the citizenry.

Other areas covered on day 2 tax drive awareness creation include Jabi Lake Area, through to the popular Berger roundabout, Offices and shops around Wuse Market, zone 3, zone 4 to Bannex Plaza and terminated at the City Park, Wuse 2. (VON)