Stamp duty, capital gains tax NOT adequately collected – FIRS
The Federal Inland Revenue Service (FIRS) has disclosed that stamp duty and capital gains tax are not collected adequately.
This was stated by the FIRS executive chairman, Muhammad Nami at the opening ceremony of the 2021 tax week of the Chartered Institute of Taxation of Nigeria (CITN) on Thursday in Abuja.
He lamented that inefficiencies in the collection system have led to poor revenue generation from the two taxes.
“The federal government needs money to provide more critical infrastructure, maintain existing ones and provide medical and educational facilities to the teaming youth and by extension reduce unemployment,” he said.
“I believe that this occasion will generate new ideas, innovations and strategies for enhancing revenue collection by the federal and state governments through their various revenue authorities.
“Looking at the topics for paper presentation, discussions will centre on stamp duty and capital gains tax. These taxes are currently not being adequately collected and it is my sincere hope that discussions here will generate the much-needed drive for the efficient administration of these taxes and ultimately increase revenue generation by both the state and federal governments.”
According to the FIRS boss, insecurity, high currency rate, and the impact of the COVID-19 pandemic all hampered the government’s efforts to boost revenue.
Speaking at the event, Ahmed Idris, accountant-general of the federation, stated that there was a need for the country to spend more on critical infrastructure.
“What is clear is that we need revenue, the challenge we have is not that our budget is big. The DG budget has also reiterated this, he said that what is required is for us to spend more, considering the infrastructural deficit that we have,” Ahmed said.
“That is why the minister of finance has always mentioned that the challenge we have in the country is a revenue challenge.”
Idris, represented at the event by Salawu Zubair, also said that his office remains committed to the implementation of public financial reforms.