ABSTRACT

It has been observed that Company Income Tax Administration machinery has been problematic resulting in low revenue generation from tax. This research work was carried out to investigate the problems and prospects of Company Income Tax Administration in Nigeria with particular reference to Rivers state Federal Board of Inland Revenue, various literatures containing information and studies in the area of Company Income Tax Administration was reviewed with reference to the fact that the researcher used questionnaire, interview and observation, and also relevant lecture notes, textbooks, etc. Simple percentage was used in analyzing research questions and Chi-square in testing hypothesis. The researcher put together the problems of Company Income Tax Administration into three hypothesis which are tested using the data obtained from responses from tax officials of the Board (Federal Board of Inland Revenue), personal interviews were conducted, questionnaires were also distributed and returned with answers. The population for this study embodies the entire staff of Federal Inland Revenue Services (FiRS) Rivers state. As at the time of this study, the population was Two hundred and twelve (212). The sample size purposely used for this study is determined by the Taro Yamani's Formula which was 138. Due to some limitations in this study the sample was stratified to 50. It was found that efficient companies' income tax administration in Nigeria enhances government revenue generation. And also, that adequate tax laws enhances the administration of companies' income tax in Nigeria. it was finally concluded that the system of company income tax administration in Nigeria is inefficient. Recommendations made included that tax revenue contribute to economic growth and stability and that the administrative machinery and collection system is not very effectives. Recommendations made also include reviews of the tax systems by professionals such as; Accountants, Economists, staff motivation such as; timely payment of salaries, promotion of workers and payment of gratuity at the retirement. and the provisions of infrastructural facilities such as communication gadgets, office materials, modern computers, vehicles for transportation and other necessary equipment for a conducive working environment. Management information system (MIS) should also be installed.