THE EFFECT OF VALUE ADDED TAX IN NIGERIA

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THE EFFECT OF VALUE ADDED TAX IN NIGERIA

ABSTRACT

This research work was aimed at study “the effect of value added tax in Nigeria, which has poses a lot of question in the inquisitive mind of some people as to “why” and “how” of the introduction. The reason of this study is to replace the existing sales tax which was a nationally levied tax, and objective of (VAT) are. To make room for more saving and subsequent investment since it minimizes consumption. To limit Nigerian from total dependence or oil revenue To maintain even tax incidence across various stage production To promote exports and discourage import because product for export are given tax exemption while product on import are taxed heavily It is equally believe that recommendation of this research work will be useful to ensure that VAT is painless to the poor masses, especially utilizing the fund from VAT on predetermined of diversifying the economy. This research work was presented in five chapters. Chapter of the study; the problem arose ambiguity in the definition of vatable and exempted goods, the ideas of the author to replace the existing sales tax, to assess and find out the effect of value added tax in Nigeria industries, through result achieved based secondary data. All these is to bring more people to the tax nominal roll, and help to change government source of revenue, persuade local sourcing of raw material and help to check appropriate consumption of luxury goods.

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Prior to 1993, only very little was known of Value Added Tax (VAT) in Nigeria. The idea of VAT started with the acceptance of the recommendation of Dr Sylvester Ugoh led study group on Indirect Taxation in November 1991. The decision to accept the recommendation was made public in the 1992 Budget speech. (Okpe, 2001). In addition, according to Obianwuna (2005), the Federal Government set up two study groups in 1991, one was set up by the Federal Ministry of Finance and Economic Development to study and recommendation on the reform needed in direct taxes in Nigeria. The Federal Ministry of Budget and Planning set up the other group on indirect taxation. As the group recommended the introduction of VAT in Nigeria, this made the Federal Government to set up a committee who will carry out a feasibility study on its implication in Nigeria. This committee gave the general guideline for the establishment of a Value Added Tax in

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