PROSPECT AND CHALLENGES OF FOREIGN EXCHANGE GAINS AND LOSSES TAXATION
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Abstract: PROSPECT AND CHALLENGES OF FOREIGN EXCHANGE GAINS AND LOSSES TAXATION
This study explores the prospects and challenges associated with the taxation of foreign exchange gains and losses in Lagos. The objectives are to identify the key tax implications of foreign exchange fluctuations, assess the compliance challenges businesses face, and evaluate strategies for managing tax liabilities. A survey design was employed, with data collected from 250 financial managers and tax professionals, derived using Taro Yamane's formula. A case study of a multinational company operating in Lagos provided comprehensive insights. The reliability coefficient score of the survey instrument was 0.87. Findings indicate that foreign exchange gains and losses present significant tax challenges due to complex regulations and volatile currency markets. Businesses often struggle with compliance and accurate reporting. Recommendations include simplifying tax laws related to foreign exchange, providing clearer guidelines for businesses, and enhancing training for financial managers to improve compliance and tax management.
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