Stamp duty and capital gains tax are not collected adequately – FIRS – Nairametrics


Muhammad Nami, the executive chairman of the Federal Inland Revenue Service, criticized the current system for collecting stamp duty and capital gains for being ineffective.

Nami made the announcement during the Chartered Institute of Taxation of Nigeria’s Tax Week 2021 opening event in Abuja on Thursday.

Insecurity, a high exchange rate and the impact of COVID-19 have all hampered the government’s efforts to increase revenues, according to the boss of FIRS.

What the FIRS says

Nami said: “The federal government needs money to provide more critical infrastructure, maintain existing ones, and provide medical and educational facilities to teaming young people and, by extension, reduce unemployment.

“I believe this opportunity will generate new ideas, innovations and strategies to improve revenue collection by federal and state governments through their various tax authorities.

“Regarding presentation topics, discussions will focus on stamp duty and capital gains tax. These taxes are currently not adequately collected and I sincerely hope that the discussions here will generate the momentum needed for effective administration of these taxes and ultimately increase revenue generation by state and federal governments. . “

For his part, the Federation’s accountant general, Ahmed Idris, who was represented by Salawu Zubair, said there was a need for the country to spend more on critical infrastructure.

What is clear is that we need income, the challenge we have is not that our budget is big. The DG budget also reiterated it, it said what is needed is that we spend more, given the infrastructure deficit that we have.

“This is why the Minister of Finance has always mentioned that the challenge we have in the country is a challenge of income,” he said.

He added that the Office of the General Accountant of the Federation remains committed to implementing public finance reforms aimed at enhancing transparency, efficiency and accountability in the use of public resources for the common good of Nigerians.

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