FIRS And Estate Valuers Seek to Strengthen Partnership for Accurate Asset Valuation
The Federal Inland Revenue Service (FIRS) has announced its support for a strategic collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to improve asset valuation standards and refine tax administration across Nigeria. FIRS Chairman Zacch Adedeji affirmed the partnership’s potential to boost revenue collection and stimulate economic growth as he hosted NIESV executives, led by their President, Victor Alonge, at the Revenue House in Abuja.
In a statement from his media adviser, Dare Adekanmbi, Adedeji emphasised the essential role of NIESV’s expertise in enabling the FIRS to accurately assess taxable assets, particularly regarding Capital Gains Tax. “Your output is one of our main inputs and enhances our effectiveness as a tax-administering body,” Adedeji remarked. “For instance, accurate asset filings are crucial for us, especially in assessing capital gains and valuations on balance sheets. This partnership will formalise our synergy, likely through a memorandum of understanding, to streamline collaboration.”
The partnership is set to address long-standing challenges in capturing the full taxable value of assets, a measure critical to bridging gaps in government revenue. By harnessing NIESV’s capacity in property and asset evaluation, the FIRS expects to tighten compliance and potentially reduce leakage in Capital Gains Tax, an area often prone to underreporting.
NIESV President Alonge highlighted the readiness of surveyors and valuers to support accurate tax remittance by leveraging their industry knowledge. “Tax revenue is key to economic development, and as experts in asset valuation, we are prepared to ensure compliance, particularly in Capital Gains Tax. Government is likely losing revenue in this area, and our expertise can assist in securing accurate valuations of taxable properties and assets,” Alonge explained. He further stressed that valuing assets appropriately before disposal would lead to a fairer tax system and significant revenue gains for the government.
NIESV, established in 1969, has a long-standing mandate to regulate and standardise estate surveying and valuation across Nigeria, with oversight from the Estate Surveyors and ValuersRegistration Board. This collaboration marks a strategic move for both organisations, aligning FIRS’s tax administration goals with NIESV’s professional standards in asset valuation—a partnership that many believe will play a vital role in Nigeria’s push for enhanced economic stability and growth.
