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 for details.
You can also download our Tax Calendar for July 2015 below.
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.