THE CHALLENGES OF TAXATION OF TRUSTS AND ESTATES
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Abstract: THE CHALLENGES OF TAXATION OF TRUSTS AND ESTATES
This study explores the challenges associated with the taxation of trusts and estates in Ogun. The objectives are to identify the primary tax challenges, assess their impact on estate planning, and evaluate strategies for improving compliance. Using a survey design, data was collected from 200 estate planners and tax professionals, derived using Taro Yamane's formula. A case study of a prominent trust company in Ogun provided comprehensive insights. The reliability coefficient score was 0.85. Findings show that the taxation of trusts and estates involves complex regulations, compliance issues, and significant tax liabilities. Effective tax planning and professional advice were found to be crucial strategies. Recommendations include simplifying tax laws related to trusts and estates, enhancing public awareness, and providing better resources and training for estate planners.
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