Muhammad Nami, the Executive Chairman of the Federal Inland Revenue Service, has criticized the current stamp duty and capital gain tax collection system for its inefficiency.
Nami made the announcement at the 2021 tax week opening event of the Chartered Institute of Taxation of Nigeria, in Abuja on Thursday.
Insecurity, a high currency rate, and the impact of COVID-19 have all hampered the government’s efforts to increase revenue, according to the FIRS boss.
What the FIRS is saying
Nami stated, “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.
“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.
Stamp Duty And Capital Gains Tax Are Not Adequately Collected – FIRS
“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 efficient administration of these taxes and ultimately increase revenue generation by both the state and federal governments.”
On his part, the Accountant General of the Federation, Ahmed Idris, who was represented by Salawu Zubair, 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.
“That is why the Minister of Finance has always mentioned that the challenge we have in the country is a revenue challenge,” he said.
He added that the Office of the Accountant-General of the Federation remains committed to the implementation of public financial reforms that are meant to deepen transparency, efficiency and accountability, in the use of public resources for the common good of Nigerians.