Below is a brief overview of this Project Work.
Format: MS WORD
| Chapters: 1-5
| Pages: 55
CHAPTER ONE
INTRODUCTION
The Nigerian Tax system has undergone significant changes in recent times. The tax laws are being reviewed with the aim of repelling obsolete provision and simplifying the main ones. Under current Nigerian law, tax revenue is enforced by the 3 tiers of government, which are federal, state and local government with each having its sphere clearly spelt out in the taxes and levies Act, 1998. The whole essence of tax revenue, according to Akwe (2014) is to generate revenue to advance the welfare of the people of a nation with focus on promoting economic growth and development of a country through the provision of basic amenities for improved public services via proper administrative system and structures. Tax revenue plays a crucial role in promoting economic activity, growth and development. Adereti, Sanni and Adesina (2011) state that through tax revenue, government ensures that resources are channeled towards important projects in the society, while giving succor to the weak. The role of tax revenue in promoting economic activity and growth may not be felt if poorly administered. This calls for a need for proper examination of the relationship between revenue generated from taxes and the economy, to enable proper policy formulation and strategy towards its efficiency. Adegbie and Fakile (2011) state that the Nigerian economy has remained in a deep slumber with macroeconomic indicators reflecting an economy in dire need of rejuvenation, revival and indeed radical reform. Also, in the view of Adedeji and Oboh (2010), tax administration needs to be revamped and refunds of taxes as well as duty drawbacks administration are inefficient. A critical challenge before tax administration in the 21st century Nigeria is to advance the frontiers of professionalism, accountability and awareness of the general public on the imperatives and benefits of tax revenue in our personal and business lives which include; promoting economic activity, facilitating savings and investment and generating strategic competitive advantage. If tax administration does not for any reason meet the above challenges, then there is a desperate need for reform in the area of the tax regime, and in the administration of taxes. Emekekwue (2009) defines taxation as the collection of a share of individual and organization income and wealth by the government under the authority of the law.A country’s tax system is a major determinant of other macroeconomic indexes, specifically, for both developed and developing economies; there exists a relationship between tax structure and the level of economic growth and development. Indeed, it has been argued that the level of economic growth has a very strong impact on a country’s tax base and tax policy objectives vary with the stages of development. Similarly, the economic criteria by which a tax structure is to be judged and the relative importance of each tax source vary over time. For example, during the colonial era and immediately after the Nigeria’s political independence in 1960, the sole objective of tax revenue was to raise revenue. Later on, emphasis shifted to the infant industries protection and income redistribution objectives. Many countries impose taxes at the national level, and a similar tax may be imposed at state or local levels. The taxes may also be referred to as income tax or capital tax. Partnerships are generally not taxed at the entity level. Wang (2012) states that a country's tax may apply to:
i. Corporations Incorporated in the country,
ii. Corporations doing business in the country on income from that country,
iii. Foreign corporations who have a permanent establishment in the country, or
iv. Corporations deemed to be resident for tax purposes in the country.
Company income subject to tax is often determined much like taxable income for individual taxpayers. Generally, the tax is imposed on net profits. In some jurisdictions, rules for taxing companies may differ significantly from rules for taxing individuals. Certain corporate acts, like reorganizations, may not be taxed. Some types of entities may be exempt from tax (Bhartia, 2010).
INTRODUCTION
The Nigerian Tax system has undergone significant changes in recent times. The tax laws are being reviewed with the aim of repelling obsolete provision and simplifying the main ones. Under current Nigerian law, tax revenue is enforced by the 3 tiers of government, which are federal, state and local government with each having its sphere clearly spelt out in the taxes and levies Act, 1998. The whole essence of tax revenue, according to Akwe (2014) is to generate revenue to advance the welfare of the people of a nation with focus on promoting economic growth and development of a country through the provision of basic amenities for improved public services via proper administrative system and structures. Tax revenue plays a crucial role in promoting economic activity, growth and development. Adereti, Sanni and Adesina (2011) state that through tax revenue, government ensures that resources are channeled towards important projects in the society, while giving succor to the weak. The role of tax revenue in promoting economic activity and growth may not be felt if poorly administered. This calls for a need for proper examination of the relationship between revenue generated from taxes and the economy, to enable proper policy formulation and strategy towards its efficiency. Adegbie and Fakile (2011) state that the Nigerian economy has remained in a deep slumber with macroeconomic indicators reflecting an economy in dire need of rejuvenation, revival and indeed radical reform. Also, in the view of Adedeji and Oboh (2010), tax administration needs to be revamped and refunds of taxes as well as duty drawbacks administration are inefficient. A critical challenge before tax administration in the 21st century Nigeria is to advance the frontiers of professionalism, accountability and awareness of the general public on the imperatives and benefits of tax revenue in our personal and business lives which include; promoting economic activity, facilitating savings and investment and generating strategic competitive advantage. If tax administration does not for any reason meet the above challenges, then there is a desperate need for reform in the area of the tax regime, and in the administration of taxes. Emekekwue (2009) defines taxation as the collection of a share of individual and organization income and wealth by the government under the authority of the law.A country’s tax system is a major determinant of other macroeconomic indexes, specifically, for both developed and developing economies; there exists a relationship between tax structure and the level of economic growth and development. Indeed, it has been argued that the level of economic growth has a very strong impact on a country’s tax base and tax policy objectives vary with the stages of development. Similarly, the economic criteria by which a tax structure is to be judged and the relative importance of each tax source vary over time. For example, during the colonial era and immediately after the Nigeria’s political independence in 1960, the sole objective of tax revenue was to raise revenue. Later on, emphasis shifted to the infant industries protection and income redistribution objectives. Many countries impose taxes at the national level, and a similar tax may be imposed at state or local levels. The taxes may also be referred to as income tax or capital tax. Partnerships are generally not taxed at the entity level. Wang (2012) states that a country's tax may apply to:
i. Corporations Incorporated in the country,
ii. Corporations doing business in the country on income from that country,
iii. Foreign corporations who have a permanent establishment in the country, or
iv. Corporations deemed to be resident for tax purposes in the country.
Company income subject to tax is often determined much like taxable income for individual taxpayers. Generally, the tax is imposed on net profits. In some jurisdictions, rules for taxing companies may differ significantly from rules for taxing individuals. Certain corporate acts, like reorganizations, may not be taxed. Some types of entities may be exempt from tax (Bhartia, 2010).
How to Download the Full Project Work for FREE
- You can download the Full Project Work for FREE by Clicking Here.
- On the other hand, you can make a payment of ₦5,000 and we will send the Full Project Work directly to your email address or to your Whatsapp. Clicking Here to Make Payment.