The Executive Chairman of the Imo State Internal Revenue Service (IIRS), Justice R. Okoye, has emphasized that the responsibility for paying Capital Gains Tax lies with the sellers of property, and not the buyers.
Okoye stated this during a courtesy visit to the Ministry of Lands, emphasising the importance of collaboration between the IIRS and Imo State Ministry of Lands to boost revenue generation and prevent the use of fake receipts in land document processing.
Also, Okoye expressed concern over the low revenue yield from the Ministry of Lands and attributed it to tax evasion and inadequate documentation and stated that individuals who fail to pay Capital Gains Tax, Stamp Duty, and other relevant taxes should be encouraged to do so in order to perfect their land documents, as these taxes are prerequisites for processing of land documents.
Okoye emphasized that numerous property sellers neglect to pay Capital Gains Tax also pointed out that property buyers intending to complete and register their documents must supply essential information regarding the seller and should the buyer fail to provide this information, they will ultimately be liable for the Capital Gains Tax rather than the seller.
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