Promotion of Companies Income Tax Compliance in Nigeria

The amount that companies contribute to the coffers of the government in the form of income tax is no doubt a veritable source of governmental revenue. It therefore means that non-compliance by companies in the fulfilment of income tax obligations may have dire consequences on the revenue generation drive of any government which would in turn affect the ability of the government to deliver on its promises to the governed.. This book takes a look at how the profits or income of companies are subjected to tax in Nigeria in line with the provisions of the extant law governing the taxation of companies income in Nigeria. These lofty provisions of the law on companies income tax however cannot implement themselves as such the various institutions and the mechanisms that they put in place in the enforcement of companies income tax in Nigeria in a bid to give effect to the letters of the law were discussed in details in the book.. Despite these lofty provisions of the law and the various institutions that are in place to ensure enforcement one can''t help but wonder why non-compliance in the payment of companies income tax is still very much prevalent in Nigeria. In answer to the poser the book brings to fore the galaxies of factors that are responsible for this some of which are low tax morale weak tax administration high cost compliance tax corruption paucity of database and information on available corporate taxpayers nature of penalty for tax offences etc.. Given the numerous factors that were discussed in the book as being responsible for non-compliance in respect of income tax obligations by companies recommendations were made in the book on how to check this unfortunate trend and promote companies income tax compliance in the process.