The FCT Internal Revenue Service (FCT-IRS) has urged all residents in the territory to file their Annual Income Returns before the deadline of March 31st, 2025.
FCT-IRS explained that filing of annual returns of income from all sources is mandatory for all taxpayers, including those in employment (private and public sector), public office holders (elected and appointed), those in self-employment including business owners and partnerships/enterprises resident in the FCT for the preceding year, 2024 and must be filed in the manner and within the time specified by law.
In an e-signed statement issued by Head, Corporate Communications, FCT-IRS, Mustapha Sumaila, yesterday, noted that failure to file the returns by 31st March, 2025, will result in FCT-IRS issuing a best of judgment assessment on all defaulters, which they would be required to pay in line with the provisions of Section 54(3) of the Personal Income Tax Act, along with other criminal and civil sanctions as prescribed by the law.
According to the statement, the Personal Income Tax Act, provides that: “For each year of assessment, a taxable person shall, without notice or demand therefore, file a return of income in the prescribed form and containing the prescribed information with the tax authority of the State in which the taxable person is deemed to be a resident”.
“This is to be filed with a true and correct statement in writing containing the amount of income earned by the taxpayer from every source of the year preceding (2024) the year of assessment (2025) and other information that may be required by the law with respect to any such income, allowance, relief, deduction or otherwise as may be relevant for the purpose of the returns.
“The law further provides that the return shall contain a declaration which shall be by or on behalf of the taxable person that the return contains a true and correct statement of the income computed in accordance with the provisions of the Personal Income Tax Act.
“There is a strict deadline for filing the annual income returns, which is within ninety days from the commencement of every year of assessment and this falls on 31st March, 2025.
“It will be recalled that the Acting Executive Chairman, Mr Michael Ango has been leading the campaign for voluntary tax compliance by all residents of the FCT. According to him, it is in the interest of taxpayers to comply voluntarily, as any default would be treated seriously”, the statement added.
It further stated that Ango noted that given the efforts of the FCT administration under the Minister of the FCT, Ezenwo Nyesom Wike, to improve infrastructure and social services in the FCT, as it is incumbent on all taxpayers to contribute to the continued development of the territory by paying their taxes and fling returns as required by law.
