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An Appraisal Of Tax Incentives As Tool For Economic Development In Nigeria

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ABSTRACT

This study examines an appraisal of tax incentives as a tool for economic development in Nigeria, a case study of federal inland revenue services Ilorin, Kwara State.

Tax incentive is a kind of allowance that is deduced from tax payers income before taking whatever remains of the individuals or corporate body’s income the essence of this tax incentive is to their obligation duty.

Chapter one looked at the background of the study, the statement of research problem, statement of hypothesis. It also highlighted the objective of the study, limitation of study, scope of study and definition of terms.

Chapter two was based on review of relation literature, tax instrument and relevant texts on taxations.

Chapter three outlined the research method used in conducting the research work. It indicates that this research work was carried out suing the survey research method. The use of questionnaire and personal interview in collecting relevant data was adopted.

Chapter four, gives the presentation of data collection and the analysis made on the data collected, it include the test of hypothesis.

Finally, chapter five brings the research work to a conclusion by giving a summary of findings, conclusion and recommendations.

TABLE OF CONTENTS

Title page

Certification

Dedication

Acknowledgment

Table of contents

Abstract

CHAPTER ONE

1.0 Introduction

1.1 Background of the study

1.2 Statement of Research problem

1.3 Objective of the study

1.4 Scope of the study

1.5 Significance of the study

1.6 Limitation of the study

1.7 Definition of term

CHAPTER TWO

2.0 Literature review

2.1 Introduction

2.2 Federal boards of Inland Revenue

2.3 Tax incentives in personal income tax

2.4 Tax incentives in company income tax (CITA) 1990

2.5 Tax incentives in value added tax

2.6 Tax incentives in petroleum industry

2.7 Tax incentives in capital gain tax

2.8 Tax incentives, a tool for economic development

CHAPTER THREE

3.0 Research methodology

3.1 Research design

3.3 Population and sample size

3.4 Sources of data collection

3.5 Method of data collection

3.6 Method of data analysis

CHAPTER FOUR

4.0 Data Presentation, Analysis and Interpretation

4.1 Introduction

4.2 Data Presentation, Analysis and Interpretation

4.3 Test of Hypothesis

CHAPTER FIVE

5.0 Summary, conclusion and Recommendations

5.1 Summary of finding

5.2 Conclusion

5.3 Recommendations

5.4 References

CHAPTER ONE 

INTRODUCTION

1.1 BACKGROUND OF STUDY

Taxation is a system of imposing compulsory levy of the citizen or a company base on certain tax or fiscal law. Taxation is also a system of imposing compulsory levy either directly or indirectly on all income, goods, services and properties of individual partnership trustees, executive and companies by the government.

Tax itself is a compulsory levy imposes by public authority on income, consumption and production of goods and services. Taxes are levied on personal income (consisting of salaried, business profit, interest, income, dividend and royalties, e.t.c). Company profit petroleum profit, capital goods and capital transfer.

It is also an important way of influencing economic activities of a nation as a whole in the promotion of government social-economics depression e.g to fight inflation, deflation, economic depression e.t.c to achieve equitable distribution of income.

In addition, it is used to re-allocate the resource in a socially desired pattern, to discourage the consumption of certain product and to encourage and protect infant industries with a country.

Tax incentive are designed in Nigeria tax system in order to encourage and attract investment in certain preferred sectors, it also enhance capitals formation thereby leaving more retained profit arising from tax saving for reinvestment and protect certain industrial and manufacturing sectors against competition and stimulates the expansion of domestic production capacity in their areas.

As applied in taxation, the term incentive involves all measure adopted by government to motivate tax for payer to favourably to their obligation.

A tax incentive is a deliberate reduction in the tax liability granted by government in order to encourage particular economic unit to act in some desirable way.

Tax incentive could achieve the following, voluntary tax compliance by tax payers due to low rate or exemption from tax, it encourage investment by attracting foreign investors. It provides industrial expansion and capacity utilization of industries.

During the pre-colonial era, taxation functioned principally on either basis in Nigeria as a result of the organized centralized authority; taxes during this period were levied for the use of land, religions and education purpose.

However, since independence this changes as tax and tax incentives mostly being administered by the federal Inland Revenue services. The federal Inland Revenue service is responsible for company income (CITA 1990), petroleum profit tax act (PPTA 1959) stamp duty act (1996) personal income tax (PTA 1993), value added tax (VAT 1993), capital gain tax act (CGTA 1990) and withholding tax (WHI 2000).

1.2 STATEMENT OF PROBLEMS

The resulting output despite the various tax incentive granted by the government is far below expectation. The problem of implementation is majorly responsible for this inadequacy. Other associated problem include frequent changes in government policies, political instability and so on. The above stated problems are what the researcher intends to address in this research work.

1.3STATE OF HYPOTHESIS

A hypothesis is an intelligent guess of solution(s) to a research problem. It is a tentative explanation for certain phenomena or events which have occurred or will occur which guides an investigation. After a problem has been well defined, the next things to do is given a focus or direction to it’s solution.

The hypothesis as regards this research problems is based on the Null Hypothesis (Ho) and Alternatives hypothesis (Hi). Below are the hypothesis statement on which the survey of this research work is based.

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