TAX REFORMS AND REVENUE GENERATION IN NIGERIA; A LONGITUDINAL ANALYSIS
Sold By: Joe Project Store | Item Type: Project Material | Report this? | Attributes: 65 pages | 1-5 chapters | Amount: ₦5,000 | 13 orders. | Marked useful: 16,193 times
INSTANT PROJECT MATERIAL DOWNLOADTAX REFORMS AND REVENUE GENERATION IN NIGERIA; A LONGITUDINAL ANALYSIS
ABSTRACT
The research provides a conceptual and analytical appraisal of tax reforms and revenue generation. The study seek to determine the effectiveness of tax reform policy toward achieving high revenue to government and public utility. It analyses the concept of taxation, types and significance.
INTRODUCTION
The tax system in Nigeria is made up of the tax policy, the tax laws and the tax administration. All of these are expected to work together in order to achieve the economic goal of the nation. According to the Presidential Committee on National tax policy (2008), the central objective of the Nigerian tax system is to contribute to the well being of all Nigerians directly through improved policy formulation and indirectly though appropriate utilization of tax revenue generated for the benefit of the people. In generating revenue to achieve this goal, the tax system is expected to minimize distortion in the economy. Other expectations of the Nigerian tax system according to the Presidential Committee on National tax policy (2008) include;
· Encourage economic growth and development.
· Generate stable revenue or resources needed by government to accomplish loadable projects and or investment for the benefit of the people
· Provide economic stabilization.
· To pursue fairness and distributive equity
· Correction of market failure and imperfection.
In an attempt to fulfill the above expectation, the national tax policy is expected to be in compliance with the principle of taxation, the lubricant to effective tax system. The Nigerian tax system has been flawed by what is termed multiplicity of tax and collecting entities at the three tiers of government levels – Federal, State and Local government (Ahunwan, 2009).
CHAPTER 1
1.1 BACKGROUND OF THE STUDY
According to the report of the presidential committee on National Tax policy (2008), “The National tax policy provides a set of rules, modus operandi and guidance to which all stakeholders in the tax system must subscribe”. Tax policy formulation in Nigeria is the responsibility of the Federal inland Revenue Services (FIRS), Customs, Nigerian National Petroleum Corporation (NNPC), National Population Commission (NPC), and other agencies but under the guidance of the National Assembly i.e. the law making body in Nigeria (Presidential committee on National tax policy, 2008). Suffice it to say that if there must be any effective implementation of the Nigerian tax system or attainment of its goal, the use of the national tax policy document remain absolutely essential. According to the Presidential Committee on tax policy (2008), “Nigeria needs a tax policy which does not only describe the set of guiding rules and principles, but also provide a stable point of reference for all the stakeholders in the country and upon which they can be held accountable. James and Nobes (2008) decried the inability of tax policy to meet up with efficiency and equity criteria against which it is being judged. It was further noted that tax policy is continually subjected to pressure and changes which most time does not guarantee outcome that are in line with the overall goal (James and Nobes 2008). Unfortunately, most policy changes in Nigeria are without adequate consideration of the taxpayers, administrative arrangement and cost plus the existing taxes. This has in no small measure hindered the effective implementation and goal congruence of the nation’s tax system. Citing (Bird and Oldman 1990), James and Nobes (2008) stated as follows “the best approach to reforming taxes is one that takes into account taxation theory, empirical evidence and political and administrative realities and blend them with good dose of local knowledge and a sound appraisal of the current macroeconomics and international situation to produce a feasible set of proposals sufficiently attractive to be implemented and sufficiently robust to withstand changing times, with reason and still produce beneficial results”.The research seek to investigate the nature of tax reforms and its impact on revenue generation.
1.2 STATEMENT OF THE PROBLEM
The problem confronting this research is to determine the nature of tax reforms and its impact on revenue generation in Nigeria, applying a longitudinal analysis.
1.3 RESEARCH QUESTION
1 What constitute tax reforms in Nigeria?
2 What is the effectiveness of tax reform towards revenue generation in Nigeria?
1.4 OBJECTIVE OF THE STUDY
1 To determine the nature of tax reform in Nigeria
2 To determine the effectiveness of tax reform policy towards revenue generation to government
1.5 SIGNIFICANCE OF THE STUDY
The study shall analyze tax reform policy and determine its effectiveness towards revenue generation to government.
It shall also serve as a source of information on issues of tax reforms in Nigeria
1.6 STATEMENT OF HYPOTHESIS
1 H0 Tax revenue generation in Nigeria is high
H1 Tax revenue generation in Nigeria is low
2 H0 challenges to tax revenue generation in Nigeria is low
H1 Challenges to tax revenue generation in Nigeria is high
3 H0 The impact of tax reform on revenue generation is low
H1 The impact of tax reform on revenue generation is high
1.7 SCOPE OF THE STUDY
The study focuses on the appraisal of tax reforms and its impact on revenue generation using a longitudinal analysis
1.8 DEFINITION OF TERMS.
TAX POLICY REFORM
According to the report of the presidential committee on National Tax policy (2008), “The National tax policy provides a set of rules, modus operandi and guidance to which all stakeholders in the tax system must subscribe”. Tax policy formulation in Nigeria is the responsibility of the Federal inland Revenue Services (FIRS), Customs, Nigerian National Petroleum Corporation (NNPC), National Population Commission (NPC), and other agencies but under the guidance of the National Assembly i.e. the law making body in Nigeria (Presidential committee on National tax policy, 2008). Suffice it to say that if there must be any effective implementation of the Nigerian tax system or attainment of its goal, the use of the national tax policy document remain absolutely essential. According to the Presidential Committee on tax policy (2008), “Nigeria needs a tax policy which does not only describe the set of guiding rules and principles, but also provide a stable point of reference for all the stakeholders in the country and upon which they can be held accountable.
TAX
Taxation has been defined as a general concept for devices used by government to extract money or other valuables from members of the community and organization by use of law. It is a levy charged by government either central, state, or local government on income, property, commodities and services.
This material content is developed to serve as a GUIDE for students to conduct academic research
DOWNLOAD THIS PROJECT MATERIAL NOW!
Advertise Here
Not what you were looking for? Perform a search
What's your project topic?
Comment on Facebook:
Related Project Materials
- 1.
INVESTIGATING FORENSIC AUDIT AS A PANACEA FOR PREVENTING CORPORATE FRAUD IN CAMEROON'S PUBLIC SECTOR
CHAPTER ONE INTRODUCTION 1.1 Background of the study The proliferation of financial crimes in these developing economies is concerning and catastrophi...More »
Item Type: Project Material | 54 pages | 259 engagements |
- 2.
INTERNAL AUDIT: EXAMINING ITS ROLE IN ENSURING ETHICAL CONDUCT IN CHENWI-ASSOCIATES, CAMEROON
INTERNAL AUDIT: EXAMINING ITS ROLE IN ENSURING ETHICAL CONDUCT IN CHENWI ASSOCIATES, CAMEROON CHAPTER ONE INTRODUCTION Background of the Study Auditin...More »
Item Type: Project Material | 54 pages | 213 engagements |
- 3.
EXTERNAL AUDIT AND QUALITY OF ACCOUNTING AND FINANCIAL INFORMATION IN THE CAMEROONIAN PUBLIC SECTOR
CHAPTER ONE INTRODUCTION 1.1 Background of the study The main purpose of external audit as a governance mechanism is to enhance the accuracy and trust...More »
Item Type: Project Material | 54 pages | 204 engagements |
- 4.
EXAMINING THE ROLE OF FORENSIC AUDIT IN DETECTING FINANCIAL FRAUDS IN THE CAMEROONIAN PUBLIC SECTOR:...
CHAPTER ONE INTRODUCTION 1.1 Background of the study Forensic auditing and forensic accounting are often used interchangeably. It has been officially ...More »
Item Type: Project Material | 54 pages | 216 engagements |
- 5.
EXAMINING THE IMPACT OF THE AUDIT REPORT ON INVESTMENT IN FINANCIAL INSTITUTIONS IN CAMEROON
CHAPTER ONE INTRODUCTION 1.1 Background of the study According to the Companies Act, all registered companies must present audited accounts to their s...More »
Item Type: Project Material | 54 pages | 228 engagements |
- 6.
EXAMINATION OF CHALLENGES ENCOUNTERED BY INTERNAL AUDITORS IN PUBLIC SECTOR AUDIT OF CAMEROON
CHAPTER ONE INTRODUCTION 1.1 Background of the study The demand for internal auditing mostly arises from the necessity for an independent verification...More »
Item Type: Project Material | 54 pages | 242 engagements |