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Taxation in Nigeria: an evaluation of the impact of the Companies Income Tax Act

Matthew Enya Nwocha ()
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Matthew Enya Nwocha: Head of Postgraduate Studies, Faculty of Law, Ebonyi State University, Abakaliki, Nigeria

Juridical Tribune (Tribuna Juridica), 2017, vol. 7, issue 1, 167-178

Abstract: 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.

Keywords: tax laws; economic development; recession; investments; civil liability. (search for similar items in EconPapers)
JEL-codes: K22 K34 (search for similar items in EconPapers)
Date: 2017
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