The Federal Inland Revenue Service (FIRS) has endorsed a proposed collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to enhance asset valuation processes and strengthen tax administration in Nigeria.

Speaking in Abuja on Thursday during a meeting with NIESV executives led by its President, Victor Alonge, FIRS Chairman Zacch Adedeji highlighted the critical role of asset valuation in effective tax collection. He emphasized that the partnership would bolster the agency’s efficiency and contribute to the nation’s economic development.

Adedeji, in a statement issued by his Special Adviser on Media, Dare Adekanmbi, noted that accurate asset valuation is pivotal for assessing taxes such as Capital Gains Tax and ensuring proper filings. “Your output is one of our main inputs, and this enhances our effectiveness as a tax-administering body. For instance, there is no way we can assess [taxes] except if we have correct filing, especially in the area of assets and valuations,” he said.

He proposed formalizing the collaboration through a memorandum of understanding (MoU), acknowledging NIESV’s past contributions to FIRS operations.

NIESV President Victor Alonge reiterated the association’s readiness to support FIRS by ensuring accurate asset valuation and compliance with tax remittance. “Tax revenue is key to economic development, and as experts in asset valuation, we are willing, ready, and available to partner with FIRS to ensure compliance in remitting accurate Capital Gains Tax,” Alonge said.

He added that precise valuation of taxable properties and assets, whether government, public, or private, is essential for placing appropriate taxes, thereby boosting government revenue and fostering economic growth.

Founded in 1969, NIESV represents qualified General Practice Chartered Surveyors, while the Estate Surveyors and Valuers Registration Board of Nigeria oversees the regulation of estate surveying and valuation practices in the country.

The proposed partnership signals a step toward integrating professional expertise into Nigeria’s tax administration, with the aim of ensuring transparency, compliance, and increased revenue generation.