The federal government recently enacted a new law, the Federal Capital Territory Internal Revenue Service Act, 2015. The Act establishes the Federal Capital Territory Internal Revenue Service (FCT IRS or the Service) charged with the responsibility of assessing and collecting taxes in the FCT. This power has historically been vested in the Federal Inland Revenue Service (FIRS) by virtue of section 2(1)(b) of the Personal Income Tax Act, LFN 2004 as amended and the FIRS (Establishment) Act 2007.
The First Schedule to the new Act listed the legislation to be administered by the FCT IRS to include the Personal Income Tax Act, Capital Gains Tax Act, Stamp Duties Act, Federal Capital Property Tax Regulations and all enactments or laws imposing taxes and levies within the FCT.
Read a copy of my article published in the Guardian Newspaper on Monday 6 July 2015 and our tax alert for details.
Download Tax Watch Article_FCT IRS Download FCT IRS Tax Alert_July 2015
A copy of the Act is uploaded here Download FCT Internal Revenue Service Gazette
You can also download our Tax Calendar for July 2015 below.