Fct irs targets n100bn revenue collection in 2020

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FCT IRS Targets N100bn Revenue Collection in 2020

The Federal Capital Territory (FCT) Internal Revenue Service (IRS) has set a revenue collection target of N100 billion for 2020. This was disclosed by the FCT IRS Chairman, Mr. Haruna Hassan, during a meeting with stakeholders in Abuja.

According to Hassan, the target is achievable, given the efforts of the agency to improve its revenue generation capacity. He attributed the growth in revenue to the introduction of new tax policies and the implementation of tax reforms.

The FCT IRS has also introduced a new tax regime, which includes the introduction of a 5% tax on luxury goods and services. The agency has also increased the tax rate on certain goods and services, such as petroleum products and telecommunications services.

The FCT IRS has also launched a tax amnesty program, which allows taxpayers to regularize their tax status and avoid penalties. The program is expected to attract more taxpayers and increase revenue collection.

The FCT IRS has also partnered with the Federal Inland Revenue Service (FIRS) to share information and coordinate efforts to improve revenue collection. The partnership is expected to help the FCT IRS to identify and track tax defaulters.

Overall, the FCT IRS is confident that it can achieve its revenue collection target of N100 billion in 2020, given the efforts it has put in place to improve its revenue generation capacity.