AN APPRAISAL OF THE PROBLEMS AND PROSPECTS OF CAPITAL GAINS TAX ACT, 2004 IN NIGERIA

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ABSTRACT

The Capital Gains Tax was introduced into Nigeria by the Capital Gains Tax Decree (Decree No. 44) in 1967. The decree was enacted on 19th October, 1967 but retrospectively took effect from 1st April, 1967. It came into being two years after the Capital Gains Tax Law of United Kingdom (Finance Act, 1965). The Decree (Now Capital Gains Tax Act, Cap. C1, L.F.N, 2004) deals with the taxation of capital gains arising out of the disposal of capital assets. This research entitled “An Appraisal of the Problems and Prospects of Capital Gains Tax Act, 2004 in Nigeria” has been embarked upon with the sole aim at analyzing the essential provisions of the Act in bid to indentify its problems and prospects. In the first place, the work analyzed the transactions giving rise to capital receipts, the reasons for the imposition of the capital gains tax on chargeable assets and gains. The research has equally discussed how the capital gains tax is assessed and computed. The work also considered exempted bodies and gains under the Act. To make the work tally with the title, so many problems associated with the provisions and administration of the Act have been critically analyzed and the prospects thereof have been elaborately highlighted. The methodology adopted in conducting this research was essentially doctrinal i.e library-oriented. And the scope of this research was largely the Capital Gains Tax Act, Cap. C1, LFN, 2004 applicable in Nigeria though several legislations and other jurisdictions like U.K, U.S.A, Canada, etc have been made reference with. At the end of the work, findings in relation to the provisions and administration of the Act have been made out. The work finally recommended that some of the sections should be amended so much so that the Act meets with the current realities or challenges such as tax avoidance and tax evasion thereby boosting revenue generation.

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