FCT-IRS to impose N500,000 penalty on annual return defaulters

…as Borno IRS generates N28.3bn revenue

The FCT-IRS has announced that annual return defaulters in the Federal Capital Territory will face a minimum penalty of N500,000.

Michael Ango, acting Chairman of the FCT-IRS, gave the warning during the annual campaign on Thursday in Abuja during sensitisation campaign aimed at encouraging FCT residents to voluntarily meet their tax obligations.

Ango said “individuals who fail to file their 2024 annual returns by January 2025 will incur a minimum penalty of N500,000 as mandated by law.”

He stated that the first filing deadline for the year was January 31, 2025 the date by which employers needed to submit their annual returns and noted that a satisfactory number of companies had complied.

He however praised all companies that had filed their employees’ annual returns, mentioning that the FCT-IRS would send them letters of commendation.

Similarly, the Borno State Internal Revenue Service (BOIRS) has announced a record revenue generation of N28.3 billion in 2024, exceeding its target by 46%, surpassing the initial target of N19.3 billion.

Bello Alhaji Ibrahim, Professor and Chairman of BOIRS, made the announcement during a press briefing to newsmen in Maiduguri, Borno State Capital on Thursday.

According to him, Ibrahim noted that this achievement marks the first full year of their leadership, which began in July 2023.

He also attributed the success to several key strategies, including, creation of enabling environment and freehand to work given by Governor of Borno State Babagana Umara Zulum; public sensitisation; the digitisation of tax collection; and the harmonisation of taxes.

“Harmonisation streamlined the process for taxpayers and eliminated multiple tax collectors approaching the same businesses. We are deeply grateful to the people of Maiduguri for their overwhelming support,” said Prof. Bello Alhaji Ibrahim”, he said.