The Federal Inland Revenue Service has welcomed a call for a partnership between the agency and the Nigerian Institution of Estate Surveyors and Valuers in terms of asset valuation.
This collaboration, according to the Chairman of FIRS, Zacch Adedeji, would go a long way in enhancing effectiveness in tax administration and stimulating economic development in the country.
Adedeji spoke on Thursday when he received NIESV executives led by its President/Chairman of the Council, Victor Alonge, during a visit to the Revenue House in Abuja.
The FIRS chairman, according to a statement by his Special Adviser on Media, Dare Adekanmbi, said the synergy is 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 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, 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.
The Nigerian Institution of Estate Surveyors and Valuers was founded in 1969 by the few qualified General Practice Chartered Surveyors who were trained mainly in the United Kingdom.
The Estate Surveyors and Valuers Registration Board of Nigeria is empowered to regulate and control the practice of the profession of Estate Surveying and Valuation in the country.
