Department of Public & International Law - Scholarly Publications

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The Effects of Corporate Tax Rate on Revenue Generation In Nigeria
(Portharcourt Journal of Business Law, 2021) Kontagora, A.M
Companies Income Tax (Amendment) Act (CITAA) No.11, 2007 is the present legislation that governs the taxation of companies and incorporated bodies in Nigeria. The Act provides for the rate of corporate tax rate. However, some provisions of the Act on the rate negatively affects the generation of revenue in Nigeria. The aim of this article is examine the provision of the ITAA on corporate tax rate and identify its effects on revenue generation in Nigeria. Priori research method is adopted in the work. Consequently, provisions of the CITAA on the rate are analysed. Relevant information from text books, conference paper or internet websites are used. It has been found that the Nigerian corporate tax rate is among the highest in the world. To be precise, it is the second highest after the USA. This negatively affects the generation of revenue in the country. This is because the rate is part of the factors considered by the investors before making investment in any place. High rate of tax discourages investment in the country. Many companies relocated to Ghana and other African countries that are tax havens. The amount should therefore be reduced to attract more investors that pay tax that boasts up government revenue.