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TAXATION AND ITS EFFECT ON THE NIGERIAN ECONOMY

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TAXATION AND ITS EFFECT ON THE NIGERIAN ECONOMY

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TAXATION AND ITS EFFECT ON THE NIGERIAN ECONOMY

TABLE OF CONTENTS

Title page

Approval page

Dedication

Acknowledgement

Abstract

Table of content

CHAPTER ONE: INTRODUCTION

1.1 Background of the study

1.2 Statement of the problem

1.3 Purpose of study

1.4 Significance of the study

1.5 Scope and delimitation

1.6 Definition of terms

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1 Taxation theory

2.2 The objectives and importance of taxation and economic policy.

2.3 Imposition of taxes and income chargeable under various tax laws and acts and the relevant tax authority.

2.4 Ascertainment of income for tax purposes.

2.5 Types and qualities of taxation.

2.6 Tax effects on the economy.

2.7 Tax effects on production and distribution.

2.8 Tax effecttt on consumption and savings.

2.9 Tax effects on investment and efficiency.

2.10 Tax evasion and avoidance.

2.11 Current charges in personal income taxation.

CHAPTER THREE: RESEARCH, DESIGN AND METHODOLOGY

3.1 Research instruments.

3.2 Sources of data.

3.3 Sampling procedure.

3.4 Statistical treatmente

3.5 Dta analysis.

CHAPTER FOUR: PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA.

4.1 Data analysis,presentation and interpretation.

4.2 Test of hypothesis.

CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION.

5.1 Summary of findings.

5.2 Conclusion.

5.3  Recommendation.

Bibiography .

Appendices.

 

 

 

 

 

 

 

 

 

 

 

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Taxation is the system of raising money in form of taxes paid by the citizens of the country in return for the services rendered by the government.

It could be recalled that taxation is instituted by God, this is traced back to “Mattew chapter 22 vs. 17-21”, when the Pharisees asked Jesus whether it is lawful to pay taxes or not. The Pharisees were later told render therefore to Caesars the things that are Caesar’s and to God the things that are to God.

According to  Lekan .S. etal (2006), tax was described and not defined in the statues, but according to Cambridge international dictionary of English, it is “an amount of money paid to the government usually a percentage (%) of personal income or company profits”.

According to Okpe I.I (2000) tax is the transfer of resources and income from the private sector to the public sector  in order to achieve some of the nation’s economic and social goals.

Taxation is universally accepted as a powerful tool in the hands of any government to raise income for its services and to ensure equitable distribution of income among its citizens.

Therefore, in every modern communities, a large amount of taxation is necessary for a public expenditure increases to promote social progress, taxation which is the main sources of funds also increases.

The present tax laws in Nigeria emanated from the Raismais commission in 1957. Before this time we only had what was called the income tax ordinance for the colonies and which was rather common in all the colonies and the  provisions were very  similar. Raim’s recommendation was the basis of provision in the Nigerian constitution order council of 1960 section 70(1) which conferred an exclusive power upon the parliament to make laws for Nigeria or any part thereof with certain uniform principles in respect of personnel income tax.

During 1963 when Nigeria became a republic, the mid-western region was created out of the western region and they adopted the western region tax law accordingly with the amendments, the position under the republican constitution of 1963 and that the regions (now divided into states) assumed jurisdiction over the income tax of person other than companies. While the federal government assumed jurisdiction over the taxation of companies, the uniform principles under the income tax management act and the regional taxes in the federal territory of Lagos.

Thus, after the creation of former 12 states in 27th may 1967, the state assumed the tax laws of the regions in which they were before the creation of such states. The uniform principle covered by the income tax management act of 1961 were as follows:

(i) Specifies what income are exempted from tax.

(ii) What constitute income for tax purposes.

(iii) Upholds residence on the basis for taxation or in the alternative, the principal place of business.

(iv) And recently prescribed the rates of tax and personal reliefs.

1.2: STATEMENTOF THE PROBLEM

There is high incidence of tax evasion and avoidance by tax payers. This may affect the amount of revenue collectible by the government for the running of administration.

Furthermore, it is hoped that people were wrongly assessed and the assessment sometimes result to regressive taxation.

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