Nigeria Not Generating Enough Revenue From Stamp Duty – FIRS Boss

The Executive Chairman of the Federal Inland Revenue Service, Muhammad Nami, has decried the inefficiencies in the current stamp duty and capital gain tax collection system.

According to him, these inefficiencies have led to poor revenue generation from these taxes.

The FIRS Boss, Nami, disclosed this at the opening ceremony of the 2021 tax week of the Chartered Institute of Taxation of Nigeria, in Abuja on Thursday.

The theme of the tax week for this year is, “Efficient Tax Administration as a Panacea for Increased Revenue Generation”.

He said the theme was apt as it reflected the current efforts of the governments at all levels to increase revenue generation and reduce debt financing.

The FIRS boss added that the government’s efforts to boost revenue are currently hindered by insecurity, high exchange rate and the effects of COVID-19.

Nami added, “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.”

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 for 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.