The ministry of finance has issued a federal treasury circular dated 15 January 2016 following the newly enacted Federal Capital Territory Internal Revenue Service (FCT IRS or the Service) Act 2015. The circular directed all ministries, departments and agencies (MDAs) operating in the FCT to remit all deductions made under the Pay As Your Earn (PAYE)/Personal Income Tax (PIT) scheme for persons working or residing in the FCT to the FCT IRS. Additionally, all capital gains tax arising from the disposal of assets and property within the territory are also to be remitted to the Service.

See attached for further details:

Download FCT IRS- begins full operation_PwC Tax Alert

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.