Michael Ango, Acting Executive Chairman of the Federal Capital Territory Internal Revenue Service (FCT-IRS) has pledged to support businesses in the Federal Capital Territory (FCT) to foster economic growth and development.
Ango made this commitment during a courtesy visit led by Emeka Obegolu, the President of, the Abuja Chamber of Commerce and Industry (ACCI), to his office at the weekend in Abuja.
He highlighted that revenue collection is deeply intertwined with the broader economy, explaining that a thriving business environment positively impacts revenue generation.
Ango stressed that when businesses flourish, tax revenue increases, but if businesses are struggling, revenue collection suffers.
The FCT-IRS, he said, is focused on enhancing the ease of doing business in the territory to create a conducive environment for businesses to succeed.
“One of the major policy directives from the President is to focus on taxing the fruits, not the seeds, which reflects the administration’s commitment to easing the tax burden on businesses and promoting economic growth,” Ango noted.
He also revealed that the FCT-IRS would ramp up its Corporate Social Responsibility (CSR) efforts, actively giving back to the business community and improving public facilities.
The service plans to offer support to markets and plazas, ensuring a better business environment for entrepreneurs. “We want businesses to see that we are not just here to collect taxes, but also to contribute to their success,” Ango stated.
To encourage voluntary tax compliance, which he described as the best form of compliance, Ango said the FCT-IRS is developing strategies to promote a culture of cooperation among taxpayers. He assured the ACCI of continued collaboration, emphasizing the need to strengthen their partnership for mutual benefit.
Chief Emeka Obegolu, President of ACCI, congratulated Ango on his appointment and acknowledged the historical support FCT-IRS has provided to the private sector. He noted that ACCI’s mandate is to advocate for government policies that promote business growth and to enhance the ease of doing business in the FCT.
Obegolu also introduced ACCI’s four key centres, which focus on dispute resolution, trade promotion, entrepreneurial skills development, and policy advocacy.
Looking ahead to the Abuja International Trade Fair, which begins on September 20, 2024, with an official opening on September 23, Obegolu called for deeper collaboration between ACCI and FCT-IRS to enhance tax education and business advocacy within the territory.
Adetokunbo Kayode, a former ACCI President, also present at the meeting, emphasized the critical role FCT-IRS plays in the territory’s development. He proposed that FCT-IRS become a council member of ACCI to strengthen cooperation aimed at advancing public welfare and economic growth. He further stressed the need for outreach and support to individuals and small businesses, which are vital to the economy.
Kayode reiterated the importance of sound tax policies for inclusive economic growth, particularly for SMEs, and assured the FCT-IRS of ACCI’s ongoing support in promoting policies that foster business success.
