ABSTRACT
Companies Income Tax Act (CITA) is the main legislation that governs the taxation of corporations in Nigeria. About one trillion Naira was generated from the tax imposed by the Act in 2013. The amount was equivalent to one fifth of Nigerian federal government budget for that year. The amount could be used by government to perform its duties of providing public services and infrastructures of which investment promotion is included. Investment is very vital to the economic growth of a nation. This is because it creates jobs, alleviates poverty, reduces unemployment and brings foreign capitals. Consequently, government needs to promote investment and advertise for the available investment opportunities in the country. However, there are many factors that are considered by prospective investors before deciding on where to invest their capitals. Corporate tax and the laws governing it are part of them. The main question that comes up here is whether the Nigerian corporate tax law has impact on investment promotion. In other words, what impact does the law have on investment promotion? Is the law effective in promoting investment in Nigeria? Is there any loophole in the present corporate tax law that discourages investment in Nigeria? Is Nigerian corporate tax incentive regime adequate in curtailing anti-investment attitude in Nigeria? Is there any measure capable in curbing anti-investment in Nigeria? This research entitled ―An Examination of the Impact of Nigerian Corporate Tax Law on Investment Promotion‖ is an answer to these questions. The main aim of this work is therefore to ascertain the impact of the Nigerian corporate tax law on investment promotion. Thus, it focuses on ascertaining the efficacy of as well as the imperfection in the present corporate tax law in the promotion of investment in Nigeria. Doctrinal method of data collection is adopted. Statutes, books, journal articles and many other documents are used. To ascertain the result of this work, structured interviews with some investors and other stakeholders are conducted. It has been found that the present corporate tax legislation is effective in promoting investment in Nigeria. Constant increase in the number of companies and the amount of investment in the country shows a positive impact of the law on investment promotion in Nigeria. However, the law is not absolutely perfect. It is plagued by several problems that have negative impact on the promotion of investment in country. These inter alia include the rate of corporate tax, multiple taxation and non-compliance with the corporate tax law. Others are penalties for violation of the law perpetrated by some dubious companies and mismanagement of fund generated from taxation. To enhance the effectiveness of the law in stimulating more investments domestically and attract more FDIs it is recommended that the rate should be reduced. Multiple taxation should be eliminated and tax avoiders and evaders should be severely punished. Finally provisions of corporate tax penal regime that encourage evasion or avoidance of tax which reduces the government revenue usable for investment promotion should be amended.
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