Open AccessTax Reforms in Nigeria: Case against Tax Incentives
Author(s) -
Israel Omesi,
Nuka Peter Nzor
Publication year - 2016
Publication title -
afrrev ijah
Language(s) - English
Resource type - Journals
eISSN - 2227-5452
pISSN - 2225-8590
DOI - 10.4314/ijah.v5i1.11
Subject(s) - incentive , accounts payable , ad valorem tax , tax reform , value added tax , indirect tax , business , public economics , duty , revenue , tax rate , tax incentive , transfer pricing , internal revenue , multinational corporation , economics , monetary economics , service (business) , finance , market economy , economy , law , payment , political science
This paper examined tax reforms with respect to tax incentives. Theoretical framework and conceptual framework of the subject matter were discussed. The paper also empirically reviewed the subject matter. The paper revealed that huge sums of tax revenue are being lost annually by the Nigerian Customs service due to under assessment of payable duties, unauthorized transfer of funds, abuse of waivers, concessions, exemptions and non-remittance of government revenue. Based on these revelations, the paper suggests that tax incentive packages such as concessionary duty rate. Concessions to manufactures in bond schemes and export processing/exercise factory levy should be discontinued.Keywords: Tax Reforms, Tax incentives, concessionary duty rate, waivers