The Federal Inland Revenue Service (FIRS) has expressed its support for a partnership with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to enhance asset valuation processes.
FIRS Chairman, Zacch Adedeji, emphasized that this collaboration would significantly improve tax administration and drive economic growth in Nigeria. He made the statement on Thursday during a visit by NIESV executives, led by President Victor Alonge, to the Revenue House in Abuja.
Adedeji highlighted the critical role of asset valuation in the FIRS’s mandate to assess, collect, and account for revenue. He noted that accurate asset valuations, especially in areas such as Capital Gains Tax and balance sheet assessments, are essential for effective tax collection.
“We rely heavily on your expertise to ensure the accuracy of our filings, particularly in the areas of assets and valuation. You are a key part of our efforts to work efficiently. I believe it’s time to formalize this partnership with a memorandum of understanding,” Adedeji stated.
Earlier, NIESV President Victor Alonge stressed the institution’s readiness to assist FIRS in ensuring compliance with accurate Capital Gains Tax remittance. He also suggested that accurate property and asset valuations would increase government revenue, particularly through proper taxation on assets before disposal.
Founded in 1969, NIESV is committed to improving asset valuation standards in Nigeria, contributing significantly to the country’s economic development.
