The Federal Inland Revenue Service ( FIRS) and the Nigerian Institution of Estate Surveyors and Valuers (NIESV) have agreed on a synergy that will, drive effective tax administration for enhanced economic growth.
The Chairman of FIRS, Zacch Adedeji, on Thursday, endorsed NIESV’s call for a collaborative partnership between the two agencies.
He said such engagement would go a long way in enhancing effectiveness in tax administration and stimulating economic development in the country.
NIESV executives led by its president and chairman of the council, Victor Alonge visited on a courtesy visit to FIRS Chairman.
A statement by Special Adviser on Media to the FIRS Chairman, Dare Adekanmbi, quoted Adedeji stated that the synergy was necessary as the role of the body is crucial to the realisation of the mandate of FIRS which is to 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 do an 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.
“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, among other things, said members of the professional body were willing to make their expertise available in ensuring compliance in the remittance of accurate Capital Gains Tax.
“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.
He also acknowledged the transformative strides at FIRS under Adedeji, particularly the modernisation of tax administration in a way that positions the agency as not just a tax-collecting entity but also a service provider to the taxpayers
