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Periodical article | Leiden University catalogue | WorldCat |
Title: | The Capital Transfer Tax Act: the tax and the relevance of its administrative machinery |
Author: | Popoola, A.T. |
Year: | 1989 |
Periodical: | Review of African Political Affairs |
Volume: | 3 |
Issue: | 2 |
Pages: | 5-13 |
Language: | English |
Geographic term: | Nigeria |
Subjects: | legislation inheritance tax fiscal law |
Abstract: | After examining the principles of taxation having the greatest bearing on capital transfer tax, the author looks in particular at Nigeria's Capital Transfer Tax Act, 1979, and its administration. He notes that the relevant tax authority is the tax authority of the State in which the property in question is located, and not that of the State where the owner (or previous owner) of the property resides. To minimize the possibility of tax evasion, particularly in the case of property transfers on death, he argues in favour of transferring this function to the local government area where the property is located. Since, in the absence of valuation expertise in the local governments, this proposal may create problems with respect to property valuation, he suggests that the local governments might be able to obtain valuation experts from the State governments. He calls for a greater usage of the capital transfer tax as a source of revenue and for purposes of equality. Note, ref. |