BRIDGING TAX GAP IN NIGERIA THROUGH TAXING HIGH NETWORTH INDIVIDUALS: A MYTH OR REALITY?

Osundina Jacob Ademola, Dada Samuel Olajide and Akintoye Ishola Rufus
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Osundina Jacob Ademola: Babcock University, Ilishan-Remo, Nigeria, Postal: Department of Accounting, School of Management Sciences,, https://journal.citn.org/
Dada Samuel Olajide: Babcock University, Ilishan-Remo, Nigeria, Postal: Department of Accounting, School of Management Sciences,, https://journal.citn.org/
Akintoye Ishola Rufus: Babcock University, Ilishan-Remo, Nigeria, Postal: Department of Accounting, School of Management Sciences,, https://journal.citn.org/

Journal of Taxation and Economic Development, 2019, vol. 18, issue 3, 1-11

Abstract: The current economic challenges in Nigeria as a result of dwindling oil revenue have forced the Federal Government to look into other ways of improving revenue profile of the nation. One of these other ways is the taxation of incomes of high net worth individuals (HNWIs). Despite the several tax laws and reforms in Nigeria, the HNWIs still evade tax freely. Therefore, this paper examines the taxation of HNWIs in Nigeria as a means of improving revenue profile of the nation using exploratory research method. The study found out that HNWIs in informal economy like Nigeria, are powerful to the extent that the existing tax laws are rendered redundant because they are not well enforced by Federal Inland Revenue Service (FIRS). The paper concluded that tax authority must enforce the existing tax laws without fair and favour of the HNWIs

Keywords: High Networth Individuals; Informal Economy; Revenue Profile (search for similar items in EconPapers)
Date: 2019
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