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IMPACT OF TAX REVENUE ON NIGERIA’S ECONOMIC GROWTH
ABSTRACT
The importance of taxation as a policy in a growing economy like Nigeria cannot underestimate. It has become one of the popular positions of professional economists that tax revenue of any given government / nation contributes to the checks and healthy management of its national governance economically and improves communal services. This project has taken a through researched process to highlight the fact that tax generally facilitates resource and promote social equity and ensure stability of economic growth. Hence Nigeria as the case study stands to encounter positive impact on her domestic growth. It also took through the historical development of taxation, classification of tax and its procedure for enforcement in Nigeria. Furthermore it considered the place of taxation in an economic development, though without underrating the difficulties associated with the system in Nigeria especially as it concerns lack of conversant among citizens. The survey of Nigeria macro-economic situation and subsequent government revenue in oil and non-oil revenue is made available to display the concrete situation on ground. Thus, the involvement of some of sort ethical values enhances the welfare of economics. The work did summarise the research area and the attended hypotheses depicting the government revenue absence of positive significance. It is therefore, recommended that taking religious sector to educate people on their civil responsibility of tax compliance would go along way.
TABLE OF CONTENT
TITLE PAGE i
CERTIFICATION ii
APPROVAL PAGE iii
DEDICATION iv
ACKNOWLEDGEMENTS v
ABSTRACT vi
CHAPTER ONE: INTRODUCTION
BACKGROUND TO THE STUDY 1
STATEMENT OF THE PROBLEM 2
OBJECTIVES OF THE STUDY 3
RESEARCH QUESTIONS 3
HYPOTHESIS OF THE STUDY 4
SCOPE OF THE STUDY 4
SIGNIFICANCE OF THE STUDY 4
OPERATIONAL DEFINITION OF TERMS 5
REFERENCES
CHAPTER TWO: LITERATURE REVIEW
2.1 INTRODUCTION 6
2.2 HISTORICAL DEVELOPMENT OF TAXATION IN NIGERIA 6
2.3 NATURE OF TAXATION IN NIGERIA 7
2.4 TAX ADMINISTRATION 9
2.5 OBJECTIVE OF TAXATION 12
2.6 TAXATION LAW AND REGULATIONS IN NIGERIA 13
2.7 CLASSIFICATION OF TAX 14
2.8 PROCEDURE FOR TAX ENFORCEMENT 17
2.9 TAX OFFENCES FOR NON COMPLIANCES 19
2.10 ROLE OF TAXATION IN ECONOMIC DEVELOPMENT 20
2.11 ISSUES AND CHALLENGES OF TAX SYSTEM IN NIGERIA. 23
REFERNCES 27
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 RESEARCH DESIGN 29
3.2 SOURCES OF DATA 29
3.3 METHOD OF DATA COLLECTION 30
3.4 MODEL SPECIFICATION 30
3.5 HYPOTHESIS TEST STATISTICS REFERENCES. 30
REFERENCE 32
CHAPTER FOUR: PRESENTATION ANALYSIS AND INTERPRETATION OF DATA
4.1 INTRODUCTION 33
4.2PRESENTATION AND INTERPRETATION OF DATA 33
4.3 TEST OF HYPOTHESIS 35
CHAPTER FIVE: SUMARY OF FINDINGS, RECOMMENDATIONS AND CONCLUTIONS
5.1 SUMARY OF FINDINGS 38
5.2 RECOMMENDATIONS 38
5.3 CONCLUTIONS 39
BIBLIOGRAPHY 41
CHAPTER ONE
INTRODUCTION
BACKGROUND TO THE STUDY
The Nigerian government like other countries of the world has legislative powers to impose on its citizens, any form of tax and at whatever rate it deems appropriate. Nigeria has a mixed economy i.e, government undertakes commercial investments alongside the private sector. Economists generally agree that there is a need for minimal direct government intervention through fiscal policies and instruments such as taxation, public expenditure and regulation. Thingan (1995) argues that the most potent fiscal instrument is taxation which facilitates reduction of private consumption, increasing investment and transferring resources to the government for economic development. Therefore, taxation is a compulsory levy imposed by government to defray the cost of governance and communal services. Oloyede (2010) adds that tax facilitates resources re-allocation, promotion of social equity through wealth distribution which enhances economic growth and development and ensures economic stability by correcting and controlling macroeconomic (both policy induced or exogenous) shocks. Aguolu (2004) posits that on the side of capitalist economic policies, the government leaves much of the commercial ventures in the private individuals. Due to certainty, universality and convenience taxation is seen to be the salient source of revenue to the government. In a social economy, only a small percentage of revenue may be derived from taxation while in a capitalist oriented economy, a greater percentage of government revenue is derivable from taxation. The income gotten from investments, due to failure of government companies or private companies (in which government holds substantial investments) may be disrupted. In nutshell, there is need for repositioning of the nation’s tax system by the policy makers and academia. Having Nigeria as a monolithic economy filled with full dependent on the oil sector has made the economy open to external manipulation and adversely disrupts the planning in the country. Taxation is the only non exhaustible veritable source of revenue to government while oil is an exhaustible resource.
According to Adamu (2008), tax is invariably on enforced contribution of money, exact pursuit to legislative authority. Note that a fine or a penalty is not a tax; not even when the tax is imposed by a tax statute for this reason penalty for wrong parking traffic offences etc. are not taxes. Also a charge imposed for services, rendered, property hired or goods sold are not a tax. Fees payable for parking vehicles public toilets usage, night soil contracts, sewage clearing etc. are therefore nothing but payment of services. If there is no valid authority by which it is imposed, a charge is not a tax but once it is backed by written law and it has the other characteristics of a tax, it remains a tax even if it is called a toll, tribute toll gate, gabel duty, customs etc. In detecting a tax, it is better to look to essential characteristics rather than its name.
This study wishes to view the impact of tax revenue on Nigeria economic growth and to ascertain detrimental impact on totally generated revenue from taxation. It will simply draw a line between tax revenue and Nigerian economic growth; it shall also look at tax history, objective, laws and regulations, classification, procedure for enforcement, offences for non compliances, and role in economic development, issues and challenges of tax system in Nigeria.
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