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REAL ESTATE & CONSTRUCTION

FCT Ministry To Introduce New property, Tenement Tax In Abuja

The authorities of the Ministry of the Federal Capital Territory, FCT has disclosed its intention to introduce a new tax regime in the territory.

This was disclosed by permanent secretary of the ministry, John Chukwu, when he  led other officials of the ministry to the Aso Rock Presidential Villa in Abuja on Tuesday, August 11, to brief President Buhari on the activities of the ministry.

“The property tax and the tenement rate will be collected together and a sharing formula has been devised between the ministry and the council areas in order to avoid multiple taxation,” he said.

After the briefing, Vice President Yemi Osinbajo commended Chukwu and his team for what he described as “very comprehensive, very detailed and adequate reporting” on the activities of the ministry. He, however, urged the ministry to explore alternative sources to boost its revenue base and reduce its dependence on the currently lean resources of the Federal Government for the development and maintenance of infrastructure in the FCT.

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