The Chairman of the Imo State Internal Revenue Service (IIRS), Mr. Justice Okoye, has stated that Capital Gains Tax (CGT) is an avenue which is not properly harnessed for revenue generation in Imo State. He said this when he welcomed members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) led by the Vice Chairman, ESV Alexander Izunobi at the IIRS Head office during a courtesy visit.
The Vice Chairman congratulated the IIRS Chairman and acknowledged his effort in increasing the Internally Generated Revenue (IGR) of Imo State. He highlighted the need to address existing challenges in order to expand the tax base of the State, particularly for property tax and Capital Gains Tax (CGT).
Mr. Justice Okoye praised the associations’ commitment to addressing areas which are not properly utilised in the tax system. He also pointed out the low compliance to CGT remittance despite numerous land transactions in the state.
Discussions were held bordering on increasing revenue from property tax and CGT through effective collaboration, blocking revenue leakages in tax payments and sensitisation on CGT.
The IIRS boss informed the members of the Institution that a Tax Management solution designed to streamline transactions will be deployed soon. He reiterated the importance of CGT remittance and urged members of the Institution to educate land buyers and sellers on CGT.