Capital Gains Tan in Nigeria

Obaje Enemaku Esq

Abstract


Tax is a compulsory levy imposed by the government on the incomes of taxpayers in order to pay the expenses of governance. Capital Gains Tax is a form of tax chargeable on capital gains arising from the disposal of chargeable assets. This paper examines the nature and the justification for Capital Gain Tax as a lucrative ground for raising revenue for development especially in the developing countries. In Nigeria, Capital Gain Tax is yet to yield the desired result in terms of raising revenue for the government. Our theoretical work on this subject explain reasons which includes lack of awareness, inadequate data and the high rate of inflation which has led to high incidence of avoidance of Capital Gain Tax. Arguments against capital gain tax in Nigeria are examined as well as issues, suggestions and recommendations for the effectiveness of this form of taxation. This paper recommends more aggressive awareness campaign, reduction of tax rate and even a merger of capital gain with income tax to reduce cost of collection.
Key words: Capital Gains Tax; Government; Nigeria

Keywords


Capital Gains Tax; Government; Nigeria

References


Adeyemi, S. B., & Babington-Ashaye, M. T. (n.d). Re-Introduction of Capital Gains Tax in the Nigerian Capital Market. Retrieved from http://www.secure.irs.ogun.org/downloads/capital_gains_tax_of_stocks_ and_shares.pdf
Ali, H. L. (1999). Economic Effects of Tax Incentives in Nigeria. Attorneys Digest, 3.
Amatong, D. J. (1975). “Taxation of Capital Gains in Developing Countries” in Reading on Taxation in Developing Countries. Baltimore & London: The John Hopkins, University Press.
Ayua, I. A. (1999). The Nigerian Tax Law. Ibadan: Spectrum Law Publishing.
Brown, J. A. (1955). “The Locked-in-Problem” and Walter N. Hecler “Investor, Decisions, Equity and Capital gains Tax”. Joint Committee on Economic Report, Federal Tax Policy for Economic Growth and Stability (84th Congress 1st session Washington, November).
Bryan, A. G. (2009). Blacks Law Dictionary (9th ed.). Texas: Thomas Reuters Press.
Chambers Encyclopedia. New Edition Budget System (Vol. 13).
Cooley, M. T. (1924). The Law of Taxation.
Greenspan, A. (2000, May). The Taxation of Capital Gains report of the Standing Senate Committee on Banking, Trade and Commerce. Retrieved from http://www.parl.gc.ca/36/2/parlbus/commbus/senate/Com-e/bank-E/rep-e/rep05may00-e.htm
Igweike, K. I. (2003). Corporate Tax Planning and Management: An Overview Issues and Legal Perspectives. Vol. 9, UJLJ.
Ola, C. C. (1985). Nigerian Income Tax Law and Practice. London: Macmillan Publishers.
Ola, C. S. (2001). Income Tax Law and Practice in Nigeria. Ibadan: Heinemann Educational Books (Nigeria) Plc.
Olong, A. M. (2006). Tax and Taxation Issues and Procedure of Taxpayer/Tax Authority Conflicts under the Nigerian Tax Laws: An Appraisal. Nigerian Bar Journal, 4(2).
Oserogho, E. O. (2004). Legal Alert: Capital Gains Tax and You. Retrieved from http://www.oseroghoassocites.com. Accessed on 25/5/2012
Shah, M. S., & Toye, J. F. (2004). Fiscal Incentives for Firms in some Developing Countries, Survey and Critique. In J. F. J. Toye (Ed.), Taxation and Economic Development Twelve Critical Studies, West Publishing Co..
Tripathy, R. N. (1978). Public Finance in Under-Developed Countries. World Press Publisher.




DOI: http://dx.doi.org/10.3968/j.css.1923669720120803.3700

Refbacks

  • There are currently no refbacks.


Copyright (c)



Reminder

  • How to do online submission to another Journal?
  • If you have already registered in Journal A, then how can you submit another article to Journal B? It takes two steps to make it happen:

1. Register yourself in Journal B as an Author

  • Find the journal you want to submit to in CATEGORIES, click on “VIEW JOURNAL”, “Online Submissions”, “GO TO LOGIN” and “Edit My Profile”. Check “Author” on the “Edit Profile” page, then “Save”.

2. Submission

Online Submission: http://cscanada.org/index.php/css/submission/wizard

  • Go to “User Home”, and click on “Author” under the name of Journal B. You may start a New Submission by clicking on “CLICK HERE”.
  • We only use four mailboxes as follows to deal with issues about paper acceptance, payment and submission of electronic versions of our journals to databases: caooc@hotmail.com; office@cscanada.net; ccc@cscanada.net; ccc@cscanada.org

 Articles published in Canadian Social Science are licensed under Creative Commons Attribution 4.0 (CC-BY).

 

Canadian Social Science Editorial Office

Address: 1020 Bouvier Street, Suite 400, Quebec City, Quebec, G2K 0K9, Canada.
Telephone: 1-514-558 6138 
Website: Http://www.cscanada.net; Http://www.cscanada.org 
E-mail:caooc@hotmail.com; office@cscanada.net

Copyright © Canadian Academy of Oriental and Occidental Culture