The Federal Inland Revenue Service has expressed strong support for a proposed partnership with the Nigerian Institution of Estate Surveyors and Valuers to enhance asset valuation and tax administration in Nigeria.
The collaboration is aimed at improving tax compliance, boosting government revenue, and stimulating economic growth.
FIRS Chairman Zacch Adedeji emphasized the critical role of asset valuation in tax administration during a courtesy visit by the NIESV leadership, led by its President and Chairman of the Council, Victor Alonge, to the Revenue House in Abuja on Thursday.
The visit highlighted the importance of aligning the expertise of estate surveyors with FIRS’s mission to effectively assess, collect, and manage revenue for the Federation.
In a statement released by his Special Adviser on Media, Dare Adekanmbi, Adedeji highlighted the synergy between the two bodies, describing it as essential for the realization of FIRS’s goals.
“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,” Adedeji said.
He further explained the necessity of accurate asset valuations in ensuring proper tax assessments, particularly in the areas of capital gains tax and asset valuation for balance sheets.
“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,” he added.
On his part, NIESV President, Victor Alonge, reaffirmed the institution’s commitment to partnering with FIRS to ensure accurate asset valuations, particularly for determining Capital Gains Tax, an area he noted could significantly improve government revenue if properly managed.
“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,” Alonge said.
He underscored the institution’s capacity to assist in valuing government, public, and private assets to determine accurate taxes, thereby enhancing compliance and increasing government revenue.
“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,” he added.
The Nigerian Institution of Estate Surveyors and Valuers, established in 1969 by professionally trained chartered surveyors, has played a pivotal role in regulating the practice of estate surveying and valuation in Nigeria.
Governed by the Estate Surveyors and Valuers Registration Board of Nigeria, the institution is committed to ensuring best practices in the valuation of assets, which are key to the country’s economic advancement.
