By Abigail Philip David
The Federal Inland Revenue Service (FIRS) has expressed readiness to partner with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to improve asset valuation processes. This collaboration is expected to enhance tax administration and contribute to the country’s economic growth.
FIRS Chairman, Zacch Adedeji, emphasized the importance of the partnership during a meeting with NIESV executives led by the institution’s President, Victor Alonge, at the Revenue House in Abuja on Thursday.
In a statement by Adedeji’s Special Adviser on Media, Dare Adekanmbi, the FIRS Chairman noted that NIESV’s role is crucial for the agency’s mandate of assessing, collecting, and accounting for revenue.
“The collaboration between FIRS and your association is essential because your output is one of our main inputs. It enhances our effectiveness as a tax-administering body,” Adedeji said.
He highlighted the importance of accurate asset valuation for tax assessments, particularly in the areas of Capital Gains Tax and balance sheet valuations, adding, “To formalize this relationship, we should consider a memorandum of understanding between your association and FIRS.”
Speaking earlier, NIESV President Victor Alonge assured that the institution’s members are committed to providing expertise to ensure accurate tax compliance, particularly in the remittance of Capital Gains Tax.
“Tax revenue is critical for economic development. As experts in asset valuation, we are ready to partner with FIRS to ensure compliance in remitting accurate Capital Gains Tax,” Alonge said.
He also stressed the importance of determining accurate values for taxable properties and assets to boost government revenue. “Accurate asset valuation before disposal will ensure appropriate taxes are placed, contributing significantly to national economic development,” he added.
Founded in 1969, the Nigerian Institution of Estate Surveyors and Valuers oversees the professional practice of estate surveying and valuation in the country. Its regulatory body, the Estate Surveyors and Valuers Registration Board of Nigeria, ensures standards are maintained in the profession.
