Taxation in Nigeria: an evaluation of the impact of the Companies Income Tax Act
This Paper is written against the background of the need to strengthen Nigeria’s tax laws for optimum contribution to public revenue and economic development in an era of widespread tax evasion and economic recession. The Paper has found among other things that defects and loopholes that exist in th...
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Format: | Article |
Language: | English |
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Bucharest University of Economic Studies
2017-06-01
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Series: | Juridical Tribune |
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Online Access: | http://tribunajuridica.eu/arhiva/An7v1/14%20Nwocha.pdf |
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author | Matthew Enya Nwocha |
author_facet | Matthew Enya Nwocha |
author_sort | Matthew Enya Nwocha |
collection | DOAJ |
description | This Paper is written against the background of the need to strengthen Nigeria’s tax laws for optimum contribution to public revenue and economic development in an era of widespread tax evasion and economic recession. The Paper has found among other things that defects and loopholes that exist in the Companies Income Tax Act (CITA) is the occasion for widespread tax evasion, the arbitrary and discriminatory application of the
Act, and the political manipulation of the process. The result is that the Act is completely encumbered in achieving its objectives. To eliminate these encumbrances, the paper has recommended, among other things, the amendment of the law to place the wide
discretionary powers of the president to impose on or exempt companies from taxation under the supervision and authority of the National Assembly and to place the powers of the Federal Board of Inland Revenue to distrain properties of defaulters under the jurisdiction of the courts. |
first_indexed | 2024-04-24T12:28:01Z |
format | Article |
id | doaj.art-ea59c92e173640fe8c077e5786605788 |
institution | Directory Open Access Journal |
issn | 2247-7195 2248-0382 |
language | English |
last_indexed | 2024-04-24T12:28:01Z |
publishDate | 2017-06-01 |
publisher | Bucharest University of Economic Studies |
record_format | Article |
series | Juridical Tribune |
spelling | doaj.art-ea59c92e173640fe8c077e57866057882024-04-08T07:42:58ZengBucharest University of Economic StudiesJuridical Tribune2247-71952248-03822017-06-0171167178Taxation in Nigeria: an evaluation of the impact of the Companies Income Tax ActMatthew Enya Nwocha0Faculty of Law, Ebonyi State University, Abakaliki, Nigeria,This Paper is written against the background of the need to strengthen Nigeria’s tax laws for optimum contribution to public revenue and economic development in an era of widespread tax evasion and economic recession. The Paper has found among other things that defects and loopholes that exist in the Companies Income Tax Act (CITA) is the occasion for widespread tax evasion, the arbitrary and discriminatory application of the Act, and the political manipulation of the process. The result is that the Act is completely encumbered in achieving its objectives. To eliminate these encumbrances, the paper has recommended, among other things, the amendment of the law to place the wide discretionary powers of the president to impose on or exempt companies from taxation under the supervision and authority of the National Assembly and to place the powers of the Federal Board of Inland Revenue to distrain properties of defaulters under the jurisdiction of the courts.http://tribunajuridica.eu/arhiva/An7v1/14%20Nwocha.pdftax lawseconomic developmentrecessioninvestmentscivil liability. |
spellingShingle | Matthew Enya Nwocha Taxation in Nigeria: an evaluation of the impact of the Companies Income Tax Act Juridical Tribune tax laws economic development recession investments civil liability. |
title | Taxation in Nigeria: an evaluation of the impact of the Companies Income Tax Act |
title_full | Taxation in Nigeria: an evaluation of the impact of the Companies Income Tax Act |
title_fullStr | Taxation in Nigeria: an evaluation of the impact of the Companies Income Tax Act |
title_full_unstemmed | Taxation in Nigeria: an evaluation of the impact of the Companies Income Tax Act |
title_short | Taxation in Nigeria: an evaluation of the impact of the Companies Income Tax Act |
title_sort | taxation in nigeria an evaluation of the impact of the companies income tax act |
topic | tax laws economic development recession investments civil liability. |
url | http://tribunajuridica.eu/arhiva/An7v1/14%20Nwocha.pdf |
work_keys_str_mv | AT matthewenyanwocha taxationinnigeriaanevaluationoftheimpactofthecompaniesincometaxact |