The Federal Inland Revenue Service has expressed support for a proposed partnership with the Nigerian Institution of Estate Surveyors and Valuers focused on asset valuation.
FIRS Chairman Zacch Adedeji emphasized that this collaboration would improve tax administration and foster economic development.
He made the remarks during a visit from NIESV executives, led by President Victor Alonge, to the Revenue House in Abuja on Thursday.
Adedeji, in a statement issued by his Special Adviser on Media, Dare Adekanmbi, emphasized the importance of the partnership with NIESV.
He noted that the collaboration is vital, as NIESV’s role is key to helping FIRS effectively assess, collect, and account for revenue accruing to the Federation.
“As you have highlighted in your speech, the collaboration between FIRS and your association cannot be overemphasized because your output is one of our main inputs and this enhances our effectiveness as a tax-administering body.
“For instance, there is no way we can assess 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.
“So you are a key and integral part of our inputs for us to work effectively. I have also seen the solution and help you have rendered to us. I think we need to formalise this relationship by having a memorandum of understanding between your association and FIRS,” Adedeji said.
Earlier, the NIESV President, had stated that members of the professional body were willing to lend their expertise to ensure compliance with the accurate remittance of Capital Gains Tax, among other areas.
“Tax revenue is key to economic development and as experts in asset valuation, we are willing, ready, and available to partner with FIRS to ensure compliance of all concerned to remitting accurate Capital Gains Tax. Government is most likely losing revenue in this particular area.
“We are willing to bring our expertise to the table for determination of the accurate value of government, public, and private taxable properties and assets to ensure that appropriate taxes are placed on them. Accurate values must be placed on assets before disposal. This will shore up government income and revenue. This, you will agree, will be another major contribution to national economic development,” Alonge said.
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) was established in 1969 by a group of qualified General Practice Chartered Surveyors, who were primarily trained in the United Kingdom.
