Capital Gains Tax As A Tool For Revenue Generation In Nigeria (Problems And Prospects):- Nwokeafor, Precious N

Abstract

Capital gains tax is a tax charge on gains realized for the scale and exchange ol capital assets. Capital gains lax serves as indispensible sources of government fund, equally it ensures the certain parameters are put in place towards meeting economic and social policies of the country. Il could be recalled that for years gone by, the capital gains their existence in Nigeria novel attracted any importance; it was due to insufficient administrative system and other hindrance that did not allow the tax to prev'ail effectively. In view ol this, inefficiency of the lax, hypotheses were formulated. Information collected from secondary sources, primary sources, offices, records, questionnaires were analysis, and the hypothesis tested, the inleience diaw was that capital gains lax contributes lo economic growth and revenue generation in Nigeria. Judging from the data collected, it revealed that the existing tax laws are not adequate for effective lax assessment and collection. It has also found that the administration ol the lax in Nigeria has not been effectively carried out in ensuring that the irregularities is corret ted, capable hands should be recruited, public enlightenment and dissemination of information must prevail.