Muhammad Nami, the executive Chairman of Federal Inland Revenue Service (FIRS), has criticized the inefficiencies in the current stamp duty and capital gain tax collection system.
The chairman said, these inefficiencies have led to poor revenue generation from these taxes. He made this known at the opening ceremony of the 2021 tax week of the Chartered Institute of Taxation of Nigeria, in Abuja on Thursday.
Nami said, “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. 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.”
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