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.
TABLE OF CONTENT
1.1Statement of the problem and purpose of the study
1.2Rationale of the study
1.3Significance of the study
1.4Background of the study
1.5Definition of terms
Review of related literature
2.1Sales tax vs value added tax (VAT)
2.2The administration and mechanism of VAT
2.3The effect of VAT on manufacturing sector of Nigerian economy
2.4Merits of VAT
2.5Demerits of value added tax (VAT)
Research design and methodology, sources of data, location of data and limitation of the study
3.1Methodology of study
3.2Source of data
3.3Location of data
3.4Limitation of the stud y
3.5Method of data collection and analysis
Presentation of data, analysis of data, discussion of result
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ABSTRACT Value Added Tax (VAT) is a consumption tax on the value added to a product in the process of production. Like all other indirect taxes, it is a tax that targets the final consumer of goods and services. The main purpose of VAT in Nigeria is to increase government (state and Local) revenue from the non-oil sector thereby reducing the... Continue Reading