TAX ASCERTAINMENT AND COMPUTATION OF CORPORATE INCOME TAX IN NIGERIA

Abstract

In Nigeria, taxation of businesses is a crucial issue that needs to be thoroughly examined as a source of funding for the government. This article's purpose is to examine how tax assessment and computation of corporate income tax in Nigeria are done. The paper employed a doctrinal and qualitative approach to explore: taxation and profit charges to business; relief for pioneer enterprises; and the calculation of taxes and earnings. The study discovered that the tax computation and ascertainment laws need to be criticized for being unsatisfactory, muddled, and challenging. It therefore recommends that, in order to arrive at the proper tax regime in the computation and ascertainment of corporate taxes in Nigeria, the paper thus offers improvements, particularly in the method of record keeping and compilation of accounting statements.