The Federal Capital Territory Administration (FCTA), on Monday disclosed that its ongoing efforts at mobilising stakeholders and harmonising revenue collection systems in Abuja, was designed to woo both local and foreign investors to the capital city.
The Administration disclosed at a one-day Town Hall Meeting, organised by the FCT-IRS to further harness stakeholders’ support for the implementation of the Harmonization initiative.
Permanent Secretary of the FCTA, Adesola Olusade who addressed participants, said there was a need to make Abuja more investment friendly for intending investors.
Olusade noted that the decision to embark on the revenue collection harmonization drive in collaboration with the six Area Councils, was also in sync with global best practices.
The Permanent Secretary stated that, “By simplifying and consolidating our revenue collection systems, we aim to attract more investment, stimulate economic growth, and create employment opportunities.
“This will enhance the FCT’s reputation as an investment-friendly destination and contribute to the overall development of the region”.
Also Speaking, Chairman of FCT-IRS, Haruna Abdullahi explained that the processes of the harmonization were duly backed by extant laws and regulations.
He further averred that apart from increasing revenue generation for the benefits of both the government and citizens, promoters of the initiative, also want to enshrine transparency and accountability in the systems.
Abdullahi added, “The Federal Capital Territory Internal Revenue Service Act entrusts us, the FCT-IRS, with the duty to collaborate with relevant stakeholders and agencies in harmonizing and improving our tax practices.
“This is aimed at optimizing our revenue generation efforts, while ensuring simplicity, transparency, and accountability in our tax systems.
“Section 45 of the Act establishes the FCT Joint Revenue Committee, while Section 46 of the same Act outlines the functions of the FCT Joint Revenue Committee (FCTJRC), which are to: Harmonize tax administration in the FCT . Deal with revenue matters of common concern to the FCT and Area Council Enlighten members of the public generally on FCT and Area Council revenue matters.
“Consider relevant resolutions of the Joint Tax Board for implementation in the FCT Advise the Joint Tax Board, FCT, and Area Councils on revenue matters”.