INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
This study looked into the interplay between the inheritance tax and wealth redistribution in Nigeria. In view of this, it investigated the effect of inheritance tax on wealth inequality between the haves and haves-nots in Nigeria. It determined the influence of inheritance tax on the illegal acquisition of wealth in Nigeria. Finally, the study examined the impact of inheritance tax on the productivity of taxpayers in Nigeria. All of these are to provide information on the relationship between the inheritance tax framework and the redistribution of wealth between the haves and haves-nots in Nigeria.
This research work employed a field survey. The primary data were collected and converted to quantitative data through coding. The population of the study was the entire staff of Federal Inland Revenue Services (FIRS) of Nigeria resident in Abuja and are members of the Institute of Chartered Accountants of Nigeria (ICAN) or Chartered Institute of Taxation of Nigeria (CITN) totalled 549. A sample size of 55 was selected through the convenient sampling technique. The data were analysed descriptively while a correlation matrix was used to establish the coefficient of relationship among the variables. The regression analysis was used to achieve the specific objectives of the study.
The study found that inheritance tax significantly affected wealth inequality between the haves and haves-nots in Nigeria (t = -2.130; p <0.05). The study further revealed that inheritance tax had statistical significance on illegal acquisition of wealth (t = -3.152; p < 0.05). It was finally found that inheritance tax had a negative and insignificant impact on the productivity of taxpayers (t = -1.121; p >0.05).
Above all, the study concluded that inheritance tax had a negative relationship with wealth redistribution in Nigeria. In addition, it had a statistically significant effect on wealth redistribution in Nigeria. This emphasized that the gap between the rich and the poor can be affected if effective inheritance tax administration is instituted in Nigeria.
"Inheritance Tax and Wealth Redistribution in Nigeria", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.9, Issue 4, page no.a795-a808, April-2024, Available :http://www.ijnrd.org/papers/IJNRD2404097.pdf
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2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
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