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


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TABLE OF CONTENT

Title Page
Abstract
Table of Abbreviation
Table of Statutes
Table of Cases
Table of Content

CHAPTER ONE
GENERAL INTRODUCTION
1.1       Background of the Study
1.2       Statement of the Problems
1.3       Aims and Objectives
1.4       Scope of the Research
1.5       Research Methodology
1.6       Literature Review
1.7       Justification
1.8       Organizational Layout

CHAPTER TWO
DEFINITION OF KEY TERMS
2.1       Meaning of Capital Gains Tax
2.2       Reasons for the Imposition of Capital Gains Tax
2.3       Conditions for Charging Capital Gains Tax
2.4       Persons Chargeable to Capital Gains Tax
2.5       Chargeable Assets
2.6       Chargeable Gains

CHAPTER THREE
ASSESSMENT OF CAPITAL GAINS TAX
3.1       Assessment of Capital Gains Tax
3.2       Rate and Computation of Capital Gains Tax
3.3       Exempted Bodies under Capital Gains Tax Act
3.4       Exempted Gains under Capital Gains Tax Act

CHAPTER FOUR
PROBLEMS AND PROSPECTS OF CAPITAL GAINS TAX ACT
4.1       Problems of Capital Gains Tax Act, 2004 in Nigeria
4.2       Prospects of Capital Gains Tax Act, 2004 in Nigeria

CHAPTER FIVE
SUMMARY, FINDINGS, RECOMMENDATIONS AND CONCLUSION
5.1       Summary
5.2       Findings
5.3       Recommendations
5.4       Conclusion
            Bibliography



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.




CHAPTER ONE


GENERAL INTRODUCTION


1.1        BACKGROUND OF THE STUDY


The topic „An Appraisal of the Problems and Prospects of Capital Gains Tax Act, 2004 in Nigeria‟ is a topic that will try as much as it can to critically analyze the essential provisions of the Act1 and identify the problems and prospects associated with the Act. First and foremost, it is pertinent to note at this juncture that the Act deals with the taxation of capital gains. Capital gain is the excess of the sales proceeds of asset such as land, building, stocks, equipment, etc over the original cost of that asset.2 It is the view of some authors that capital gain occurs when ownership changes through the process of exchange or sale or when the owner diverts himself or herself of his/her rights in the property.3

However, Ayua is of the view that capital gain results from increases in the market value of assets to a person who does not regularly offer them for sale and in whose hands they do not constitute stock-in-trade. To him, capital gains may be „paper gains‟ where the assets appreciate....


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