The Challenges of Capital Gains Tax in Nigeria

  • Joseph C. Ezemma
  • Kolo Mohammed
Keywords: State Board of Internal Revenue, State, capital gains tax, fill tax returns

Abstract

Capital Gains Tax is a very important source of revenue to the government hence this paper ‘capital gains tax and its challenges in Nigeria’. Two research questions guided the study. The study used descriptive survey design. The instrument for the study was structured questionnaire designed by the researchers. The questionnaire was administered personally by the researcher with the help of one assistant. A total of 100 copies out 110 copies of questionnaire administered were returned and analyzed for the study. The study found that lack of data; bureaucratic laziness and inflation were current challenges to capital gains tax. It was also found that maintenance of good data of the transaction on the asset; good management capacity and proper utilization of tax proceeds by the government should be mechanisms to ameliorate the administrative challenges of capital gains tax. The paper recommends that Federal Inland Revenue Service (FIRS) and State Board of Internal Revenue (SBIR) should ensure that the owners of assets should maintain good data of their transaction on the assets and fill tax returns faithfully.

Published
2020-02-20
How to Cite
Ezemma, J. C., & Mohammed, K. (2020). The Challenges of Capital Gains Tax in Nigeria. University of Nigeria Interdisciplinary Journal of Communication Studies , 21(2). Retrieved from https://www.journal.ijcunn.com/index.php/IJC/article/view/43
Section
Articles