Abstract
Many business owners are reluctant to pay their taxes as they do not feel the effect of taxes being paid on their well-being and that of their businesses. This is a relatable issue that seeks more tax payers engagement by the taxing authorities/administrators. Notwithstanding, the reluctance by tax payers to pay taxes, there are tax reliefs that business owners and companies can benefit from. Ignorance of these tax reliefs has dealt a heavy blow on the finances of companies. Our tax laws recognizes the investment by companies, and allows for lawful reductions- i.e Capital Allowance within the ambit of the Companies Income Tax Act. This paper will examine the tax relief- Capital Allowance- in relation to its ascertainment under the extant law- Companies Income Tax Act and how it affect the Profits of the Company vis-a-vis the tax being paid by Companies.
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