AN APPRAISAL OF THE LEGAL FRAMEWORK FOR THE TAXATION OF COMPANIES INCOME IN NIGERIA

📄 Project Abstract

The current wave of globalization and technological revolution has had a tremendous effect on companies income tax in Nigeria. For instance, the e-commerce which is a relatively new technology epitomizes boundary, whereas the companies income tax law upholds the concepts of residence, fixed base and permanent establishment. Nigerian tax administration is ill-equipped to cope with these emerging tax problems. The old standard of corporation tax, the manual assessment and enforcement procedures cannot meet up with the fast- changing commercial activities of the companies. This consequently creates administrative ineptitude which to a large extent adversely affects revenue generation in Nigeria. There is therefore the need to probe into how the developments have affected our domestic Companies Income Tax Act. This thesisalso attempts to highlight grey areas in corporation tax system in Nigeria which affects revenue generation. Some of these areas of potential problems are: the problems of...