Journal • CITN Journal

Editorial Board

Editor-in-Chief

Professor Rafiu Oyesola Salawu

Department of Management & Accounting, Faculty of Administration, Obafemi Awolowo University, Ile-Ife

Managing Editor

Professor Godwin Emmanuel Oyedokun

Department of Management & Accounting, Lead City University, Ibadan, Nigeria

Editorial Board Secretary

Mary-Fidelis Chidoziem Abiahu

Director, Research and Professional Standard, Chartered Institute of Taxation of Nigeria

Editorial Board Members

Professor Chinedum Nathaniel Nwezeaku

Federal University of Technology, Owerri

Professor John Adeoti

Nigeria Institute of Social and Economic Research (NISER), Ibadan

Professor Uche Jack-Osimiri

Faculty of Law, River State University, Port Harcourt

Professor Aruwa Suleiman Akwu-Odo Salihu

Nasarawa State University, Keffi Nasarawa State Nigeria

Dr. Eiya Ofiafoh Ofiafoh (Associate Professor)

Department of Accounting, University of Benin, Benin City, Nigeria

Dr. Stephen Chukwuemeka Mark Abani

MCSA Worldwide Projects Limited, Abuja, Nigeria

Dr. Kenny Adedapo Soyemi

Department of Accounting, Olabisi Onabanjo University, Ago Iwoye, Ogun State, Nigeria

Professor Joseph Uchenna Uwaleke

Department of Banking & Finance, Nasarawa State University, Keffi Nasarawa State, Nigeria

Barrister Chukwuemeka Eze

Faculty of Law, Nasarawa State University, Keffi Nasarawa State, Nigeria

Mr. Simon Nwanmaghyi Kato

Federal Inland Revenue Service, Chairman’s Office, Abuja, Nigeria

BRIDGING TAX GAP IN NIGERIA THROUGH TAXING HIGH NET WORTH INDIVIDUALS: A MYTH OR REALITY?

Description

BRIDGING TAX GAP IN NIGERIA THROUGH TAXING HIGH NETWORTH INDIVIDUALS: A MYTH OR REALITY?

Authors

Osundina Jacob Ademola, Dada Samuel Olajide and Akintoye Ishola Rufus

Abstract

The current economic challenges in Nigeria as a result of dwindling oil revenue have forced the Federal Government to look into other ways of improving revenue profile of the nation. One of these other ways is the taxation of incomes of high net worth individuals (HNWIs). Despite the several tax laws and reforms in Nigeria, the HNWIs still evade tax freely. Therefore, this paper examines the taxation of HNWIs in Nigeria as a means of improving revenue profile of the nation using exploratory research method. The study found out that HNWIs in informal economy like Nigeria, are powerful to the extent that the existing tax laws are rendered redundant because they are not well enforced by Federal Inland Revenue Service (FIRS). The paper concluded that tax authority must enforce the existing tax laws without fair and favour of the HNWIs

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