The Impact Of Capital Gainstax On Gross Domestic Product In Nigeria

OFFOR ANTHONY CHUKWUDI | 72 pages (11316 words) | Projects

ABSTRACT

Taxation is an important source of government revenue in Nigeria and in a bid to strengthen and broaden her revenue bases, the federal government has directed all the state government in the federation to explore other avenues of revenue generation to meet the demand for fund from different government departments and parastatals. Accordingly, Abia state government is no doubtful that if all taxable assets and gains are brought into the state's tax net, Capital GainsTax will contribute greatly to the financial viability of the state. Therefore, a proper evaluation of assessment collection and accounting system of Capital GainsTax is a necessary step towards the realization of this goal. The objective of this study is to enhance the effectiveness of capital gainstax assessment, collection and accounting system throughout Abia state resulting in maximum annual capital gain tax yield and ability of the government to develop the state. Abia zonal tax office was chosen as a case study. A representative sample of 26 respondents was chosen from a population of 40 employees. Primary data were collected from the selected respondents. Properly designed sets of data gathering instrument were used for the collection of the primary data. The following findings were, made in the study: that the amount of capital gains tax is collected annually in Abia state, the techniques of gathering information about the sources of capital gain tax are not effective in Abia state, that the evaluation of capital gains tax has negative effects on both the administration system and total amount and tax clearance certificate and tax receipts are faked by touts outside Tax office in the state. Based on the research findings the following recommendations are made: A good tax man, must be knowledgeable enough to meet the requirements of this office as well as understanding the economic environment he operates in. Therefore, there is the need for constant staff training and retraining to ensure proper development of staff. Employment of qualified accountants, auditors and personnel managers should be encouraged. Finally, the general should be properly enlightened on the need for voluntary tax compliance, while the government should in turn utilize the tax money properly for the benefit of the citizens.

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APA

OFFOR, C (2021). The Impact Of Capital Gainstax On Gross Domestic Product In Nigeria. Mouau.afribary.org: Retrieved Nov 28, 2024, from https://repository.mouau.edu.ng/work/view/the-impact-of-capital-gainstax-on-gross-domestic-product-in-nigeria-7-2

MLA 8th

CHUKWUDI, OFFOR. "The Impact Of Capital Gainstax On Gross Domestic Product In Nigeria" Mouau.afribary.org. Mouau.afribary.org, 07 Oct. 2021, https://repository.mouau.edu.ng/work/view/the-impact-of-capital-gainstax-on-gross-domestic-product-in-nigeria-7-2. Accessed 28 Nov. 2024.

MLA7

CHUKWUDI, OFFOR. "The Impact Of Capital Gainstax On Gross Domestic Product In Nigeria". Mouau.afribary.org, Mouau.afribary.org, 07 Oct. 2021. Web. 28 Nov. 2024. < https://repository.mouau.edu.ng/work/view/the-impact-of-capital-gainstax-on-gross-domestic-product-in-nigeria-7-2 >.

Chicago

CHUKWUDI, OFFOR. "The Impact Of Capital Gainstax On Gross Domestic Product In Nigeria" Mouau.afribary.org (2021). Accessed 28 Nov. 2024. https://repository.mouau.edu.ng/work/view/the-impact-of-capital-gainstax-on-gross-domestic-product-in-nigeria-7-2

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