The Federal Inland Revenue Service (FIRS) and the Nigerian Institution of Estate Surveyors and Valuers (NIESV) are set to collaborate in a bid to enhance tax administration and stimulate economic development in Nigeria.
This development was announced during a visit by NIESV executives to the FIRS headquarters in Abuja.
According to Zacch Adedeji, Chairman of FIRS, the synergy between the two organizations is crucial for the effective administration of taxes in Nigeria.
Adedeji noted that the role of NIESV is essential to the realization of FIRS’ mandate to assess, collect, and account for revenue accruing to the Federation.
“The collaboration between FIRS and NIESV cannot be overemphasized because your output is one of our main inputs, and this enhances our effectiveness as a tax-administering body,” Adedeji said.
“For instance, there is no way we can do assessment except if we have correct filing, most especially in the area of assets and even on Capital Gains (tax) or valuation in the balance sheet.”
Adedeji emphasized the need for a formalized relationship between FIRS and NIESV, proposing a memorandum of understanding between the two organizations.
This move is expected to enhance the effectiveness of tax administration in Nigeria and stimulate economic development.
Earlier, Victor Alonge, President of NIESV, had expressed the organisation’s willingness to partner with FIRS to ensure compliance with accurate Capital Gains Tax.
Alonge noted that tax revenue is key to economic development and that NIESV is ready to bring its expertise to the table to ensure accurate valuation of taxable properties and assets.
“We are willing to partner with FIRS to ensure compliance of all concerned to remitting accurate Capital Gains Tax,” Alonge said.
“Government is most likely losing revenue in this particular area. Accurate values must be placed on assets before disposal.
“This will shore up government income and revenue, and this will be another major contribution to national economic development.”
Alonge also commended the transformative strides made by FIRS under Adedeji’s leadership, particularly in the modernization of tax administration.
He noted that FIRS has positioned itself as not just a tax-collecting entity but also a service provider to taxpayers.
The collaboration between FIRS and NIESV is expected to have a positive impact on Nigeria’s economy.
With the expertise of NIESV in asset valuation and the tax administration expertise of FIRS, the partnership is poised to enhance tax compliance and revenue generation in Nigeria.
Comment here