The Acts will be evaluated and their provisions made easier to implement

FIRS building, Abuja.

The Federal Inland Revenue Service (FIRS) will review the Capital Gains Tax Act and the Stamp Duties Act to make their provisions easier to understand and implement, Kabir Mashi, the Acting Chairman of the FIRS, disclosed on Wednesday in Abuja.

Speaking at a workshop on Optimum Revenue Generation, organised for workers in the agency, Mashi said taxes from capital gains, personal income and stamp duties were areas that had traditionally contributed the least to the total tax collection.

“This position must, however, be reversed if we are to meet our targets and ensure that these taxes begin to make substantial contribution to overall revenue collection.” he said.

Capital gains refer to taxes imposed by the government on profits made from disposal of investments in capital assets such as bonds, stock, and real estate, while stamp duties are taxes imposed on and raised from stamps charged on instruments, parchments and other legal documents.

According to Mashi, the FIRS has about 24 stamp duty offices across the country, but had not been able to optimally utilise them.

“These offices are supposed to provide services to the tax payers and bring in significant revenue to government,” he said. “We must work very hard to justify government’s investment in the Service and also the investment the Service has made in terms of training, improved welfare, working conditions and provision of better working tools.”

Speaking on personal income tax, the Agency head said the amended Act of 2011 provided a broad platform for improving overall personal income tax administration and increasing revenue from the area.

According to him, the FIRS management had put in place several tools to ease challenges, such as the Tax Administration Self Assessment Regulation of 2011 which has been signed and gazetted.

Mashi pointed out that despite the challenges of revenue shortfall in government, the FIRS surpassed it target of N3.625 trillion in 2011 to generate N4.628 trillion.

“While this feat is a commendable feat, we cannot rest on our oars,’’ he said.

The workshop was Mashi’s first official interaction with workers since he succeeded Ifueko Omoigui-Okauru, whose tenure ended on April 9, 2012.

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