- The partnership aims to foster efficiency, enhance compliance, and improve Nigeria’s overall tax revenue generation
The Federal Inland Revenue Service (FIRS) has welcomed a proposed collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to enhance asset valuation and improve tax administration in Nigeria.
FIRS Chairman Zacch Adedeji emphasised the importance of the partnership on Thursday during a meeting with NIESV executives, led by its President, Victor Alonge, at the Revenue House in Abuja.
Adedeji highlighted the critical role asset valuation plays in tax assessment, particularly in areas like Capital Gains Tax. He noted that the partnership would strengthen the agency’s efficiency in generating revenue for the Federation.
“Your output is one of our main inputs, especially in assessing assets and ensuring accurate filings. This collaboration is key to our effectiveness as a tax administration body,” Adedeji stated. He also proposed formalising the relationship through a memorandum of understanding.
Victor Alonge reaffirmed NIESV’s readiness to support FIRS in ensuring compliance and accurate remittance of taxes related to asset valuation. He pointed out that underutilisation of expertise in this area could lead to revenue losses.
“Tax revenue is central to economic development. As experts in asset valuation, we are ready to partner with FIRS to ensure accurate Capital Gains Tax remittances and compliance,” Alonge said.
The partnership aims to foster efficiency, enhance compliance, and improve Nigeria’s overall tax revenue generation.