ASSESSMENT OF TAX PLANNING STRATEGIES FOR HIGH-NET-WORTH INDIVIDUALS
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Abstract: ASSESSMENT OF TAX PLANNING STRATEGIES FOR HIGH-NET-WORTH INDIVIDUALS
This research examines tax planning strategies for high-net-worth individuals (HNWIs) in Abuja. The study's objectives are to analyze the effectiveness of various tax planning strategies, assess the challenges HNWIs face in implementing these strategies, and evaluate their impact on wealth management. A survey design was used to gather data from 250 HNWIs and tax advisors, calculated using Taro Yamane's formula. A case study of a leading wealth management firm in Abuja provided detailed insights. The reliability coefficient score was 0.89. Findings indicate that effective tax planning strategies, such as utilizing tax shelters and offshore accounts, significantly enhance wealth preservation. However, challenges include complex tax regulations and compliance issues. Recommendations include providing more education on tax planning for HNWIs, simplifying tax laws, and developing robust tax advisory services to support effective wealth management.
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