Don’t tax Nigerians earning less than $2 per day, FCT tax association urges FG

The Chairman of the Federal Capital Territory Tax Practitioners Association (FCTTPA), Enamudu Benjamine, has called on the Presidential Committee on Fiscal Policy and Tax Reforms to exclude Nigerians earning less than two dollars from tax. While speaking at the 2023 tax enlightenment and end-of-year dinner of the Association on Wednesday night in Abuja, Benjamine said […]

The Chairman of the Federal Capital Territory Tax Practitioners Association (FCTTPA), Enamudu Benjamine, has called on the Presidential Committee on Fiscal Policy and Tax Reforms to exclude Nigerians earning less than two dollars from tax.

While speaking at the 2023 tax enlightenment and end-of-year dinner of the Association on Wednesday night in Abuja, Benjamine said taxation of individuals earning less than two dollars per day could lend voice to the proposition of some who have argued that Nigeria is taxing poverty.

He also asked the committee to beam its searchlights on the issues of tax waivers, charging it to eliminate tax waiver abuse and create more efficiency with it.

While noting that the bulk of government revenue and foreign exchange earnings still lies in the Oil and gas Sector, he called for the deepening of revenue opportunities in other sectors including the digital economy and mining sectors.

“As tax consultants, we want to appreciate the government for relaxing interest and penalties on tax liabilities up to December 2023, we plead for an extension beyond this date as this will provide a window of stability for businesses and encourage more businesses to be brought into the tax net,” the FCTTPA chairman added.

Meanwhile, the Federal Capital Territory Internal Revenue Service FCT-IRS said it generated over N203 billion in the year 2023, an increase over the N124 billion it realised in 2022.

The acting Executive Chairman of the Service, Haruna Abdullahi, disclosed this at the event, adding that the Service projects to generate N250 billion in 2024.

Represented by Salisu Abubakar at the event, he said: “For the year 2024, FCT-IRS has a target of N250 billion. We are determined and optimistic that we will realize and surpass that with the committed and dedicated staff of the Service, support from the FCT Administration, the National Assembly and other key stakeholders especially our esteemed taxpayers, it is achievable.”