# AN APPRAISAL OF TAXATION AND ITS LEGAL EFFECTS ON FOREIGN DIRECT INVESTMENT IN NIGERIA

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✎: AN APPRAISAL OF TAXATION AND ITS LEGAL EFFECTS ON FOREIGN DIRECT INVESTMENT IN NIGERIA

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ABSTRACT
Principles of taxation, especially international taxation, are one of the instruments through
which Foreign Direct Investment, (FDI), is usually attracted to a country. These principles are
invariably contained in bilateral or multilateral tax treaties signed between the host countries
and the investor countries. The issue for consideration is whether tax treaties between Nigeria
and other countries have achieved their desired objectives of attracting foreign direct
investment and facilitating economic growth and development. Part of the research problems
is how to establish a correlation or nexus between the principles of taxation and foreign direct
investment into Nigeria. The aims and objectives of this research are therefore to discuss the
impact of taxation on the Nigerian economy and to examine the relationship between the
principles of international taxation and foreign direct investment. Consequently, both
doctrinal and empirical methods of research are employed in this work. Some of the research
findings are that tax treaties between Nigeria and other countries do not have adequate
provisions to curb harmful practices like thin capitalization, treaty shopping and tax deferrals,
among others. The research then makes recommendations on anti-thin capitalization rules,
anti-deferral measures and anti-treaty shopping provisions in the tax treaties between Nigeria
and other countries.

Chapter One
An Appraisal of the Legal Regime for Taxation and its Effects on Foreign Direct
Investment in Nigeria.
1.0 General Introduction ….. ….. ….. ….. ….. 1
1.1 Background to the Study ….. ….. ….. ….. ….. 1
1.2 Statement of the Research Problem ….. ….. ….. ….. ….. 7
1.3 Aims and Objectives of the Research ….. ….. ….. ….. ….. 9
1.4 Justification of the Research ….. ….. ….. ….. ….. 11
1.5 Scope of the Research ….. ….. ….. ….. ….. 12
1.6 Research Methodology ….. ….. ….. ….. ….. 13
1.7 Literature Review ….. ….. ….. ….. ….. 14
1.8 Organizational Layout ….. ….. ….. ….. ….. 24
Chapter Two
Conceptual Clarification of Key Terms
2.1 Introduction ….. ….. ….. ….. ….. 25
2.1.1 Meaning of Taxation ….. ….. ….. ….. ….. 25
2.1.2 International Taxation ….. ….. ….. ….. ….. 28
2.1.3 Meaning of Tax Treaty ….. ….. ….. ….. ….. 30
2.1.4 Meaning of Double Taxation ….. ….. ….. ….. ….. 37
2.1.5 International Tax Planning ….. ….. ….. ….. ….. 42
2.1.6 Meaning and Types of Domicile ….. ….. ….. ….. ….. 45
2.1.7 Meaning of Permanent Establishment ….. ….. ….. ….. ….. 49
x
2.1.8 Meaning of Tax Haven ….. ….. ….. ….. ….. 57
2.2 Summary ….. ….. ….. ….. ….. 61
Chapter Three
International Taxation In Nigeria
3.1 Analysis of the Legal Regime on International Taxation and
Revenue Generation in Nigeria. ….. ….. ….. ….. ….. 62
3.2 Introduction ….. ….. ….. ….. ….. 62
3.3 Tax Treaties in Nigeria ….. ….. ….. ….. ….. 63
3.4 The Free Trade Zones and Nigerian International Tax Regime ….. 67
3.4.1 The Legal Framework on FTZs ….. ….. ….. ….. ….. 68
3.4.2 The Benefits of FTZs ….. ….. ….. ….. ….. 69
3.4.3 The Incentives ….. ….. ….. ….. ….. 69
3.5 International Taxation and Revenue Generation in Nigeria ….. ….. 70
3.6 The Legal Framework on the Taxation of Foreign Income in Nigeria….. 72
3.6.1 The Companies Income Tax Act ….. ….. ….. ….. ….. 73
3.6.2 The Petroleum Profits Tax Act ….. ….. ….. ….. ….. 78
3.6.3 The Personal Income Tax Act ….. ….. ….. ….. ….. 82
3.6.4 Capital Gains Tax ….. ….. ….. ….. ….. 89
3.7 Summary ….. ….. ….. ….. ….. 95
xi
Chapter Four
Tax Incentive Regimes and Foreign Direct Investment
4.1 Introduction ….. ….. ….. ….. ….. 97
4.2 International Taxation and Tax Incentives ……. …… …… …… 98
4.3 Types of Tax Incentives ….. ….. ….. ….. ….. 99
4.4 Objectives of Tax Incentives ….. ….. ….. ….. ….. 106
4.5 Design and Administration of Tax Incentives ….. ….. ….. ….. 110
4.6 Tax Incentives in Nigeria …… ….. ….. ….. ….. ….. 113
4.7 Summary …… ….. ….. ….. ….. ….. 127
Chapter Five
International Taxation and Foreign Direct Investment in Nigeria
5.1 Introduction …… ….. ….. ….. ….. ….. 129
5.2 International Taxation and Foreign Direct Investment …… ….. ….. ….. 130
5.2.1 Meaning of Foreign Direct Investment ….. ….. …… ….. ….. 132
5.2.2 Types of Foreign Direct Investment …. ….. ….. …… ….. ….. 133
5.3 An Appraisal of the Legal Framework for Foreign Direct Investment in Nigeria…. 135
5.4 Advantages and Disadvantages of Foreign Direct Investment in Nigeria …… 148
5.5 Summary …… ….. ….. ….. ….. ….. ….. 166
Chapter Six
SUMMARY, FINDINGS AND RECOMMENDATIONS
6.1 Summary …… ….. ….. ….. ….. ….. ….. 168
6.2 Findings …… ….. ….. ….. ….. ….. ….. 169
6.2.1 Effect of Tax Haven and Deferral Practices … ….. ….. …. ….. 169
xii
6.2.2 Effect of Tax Avoidance through Thin Capitalization Acts ….. ….. ….. 169
6.2.3 Effect of Treaty Shopping ….. ….. ….. ….. ….. ….. ….. 170
6.2.4 Effect of Inadequate Macroeconomic Policies ….. …… ….. …… 170
6.2.5 Effect of Multiplicity of Laws of FDI….. ….. ….. ….. ….. …… 170
6.2.6. Effect of Multiplicity of Taxes on FDI ….. ….. …… …… …… 170
6.3 Recommendations … .. ….. ….. ….. ….. 170
6.3.1 Anti-haven or Anti-deferral Measures ….. ….. ….. ….. …. 171
6.3.2 Anti-thin Capitalization Rules ….. ….. ….. ….. ….. ….. 171
6.3.3 Anti Treaty Shopping Provisions ….. ….. ….. ….. ….. ….. 172
6.3.4 Evolving Effective Macroeconomic Policies … ….. …… ….. …… 172
6.3.5 Harmonizing our Laws on FDI ….. …. ….. ….. ….. …… 173
6.3.6 Need for a Unified Tax Assessment and Collecting System ….. …… 174
Bibliography …… ….. ….. ….. ….. ….. ….. 175

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