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INCOME TAX EVASION AND AVOIDANCE THEIR CAUSES AND REMEDIES NIGERIA

(Banking and Finance)

INCOME TAX EVASION AND AVOIDANCE THEIR CAUSES AND REMEDIES NIGERIA

PREFACE

Revenue generation of our country is mostly based on the income derived from tax, which can either be direct tax or indirect tax.

This research specially focuses on the causes and remedies of tax evasion and avoidance in Nigeria. Having discovered the rate in which tax evaders and avoiders dodge or escape tax, this piece of writing also will gave solution on how to curtail the activities of tax evaders and avoiders.

To those who have been finding it difficult to distinguish or draw a sharp difference between tax evasion and avoidance, it is of immense important. 

This is so because, it gave the full meaning of tax evasion and avoidance to a layman’s understanding.

Some of the things I discussed in this research project are: meaning of tax, tax evasion and avoidance, offences meted for tax evaders and tax avoiders, causes and remedies of income tax avoidance and avoidance and so many interesting topics not mentioned.

In fact, you will find the project very rewarding to real.

TABLE OF CONTENTS

CHAPTER ONE

1.0       introduction                                                   

1.1              statement of the study                                                           

1.2               rationale of the study                                                            

1.3              significance of the study                                                        

1.4              definition of terms                                                                 

CHAPTER TWO    

2.1              Literature review                                                        

2.2                form of tax evasion and avoidance                          

2.3              Effects of tax evasion and avoidance                                    

2.4              Means of dealing with tax avoidance                                    

2.5              Measures adopted by tax authorities to

eradication tax avoidance and evasion in nigeria                              

CHAPTER THREE

3.1              Statement Of Hypothesis                                                      

3.2               Methodology Of Study                                                        

3.3              Sources Of Data                                                                                            

CHAPTER FOUR 

4.1              Presentation of data                                                   

4.2              Analysis of the data                                       

CHAPTER FIVE    

5.1              Summary                                                                                

5.2              Conclusion                                                                             

5.3              Suggestions                                                                

Bibliography                                                              

 

            CHAPTER ONE

INTRODUCTION 

1.1              STATEMENT OF THE PROBLEM  

Tax is a compulsory levy, which a government imposes on the income of eligible citizen in a state of which the government makes no direct benefit on the taxpayer.

Revenue means the money government receives from tax. In this situation, tax evasion is a strong weapon, which fight against the revenue generation in our country. As we know that tax evasion is the deliberate attempt of a taxpayer not to pay tax while avoidance is refers to attempt of a taxpayer to reduce his tax liability in order to pay little as tax.

This action affects the generation of revenues in Nigeria. it makes the objectives of which tax is meant for not to be achieved. Despite all the efforts made by the government to prevent the problem of tax evasion and avoidance, there are still reduction in the development of growth in the economy. Also reduction in capital expenditure, recurrent expenditure economic growth, monopolistic problem and national debt.

As a result of this, my focus is to discover the causes of this problem in the economy. Again to find out the possible solutions to this ugly problem.

1.2              RATIONALE OF STUDY

Having seen the rate at which people evade and avoid tax, it is now necessary to know how this research will be useful to curtail this problem at hand. Another reason why the study is necessary now is to help the tax authorities map out the necessary strategies to collect taxes to avoid the issue of tax evasion and avoidance. 

Again, having seen that the revenue generation of our country depends mostly on tax and in the absence of that, the country will not be able to meet up with daily problems, so it is necessary to see a way out to avoid tax evasion and avoidance in order to reduce its effect on our revenue generation in the country

Set-backs on capital projects as a result of shortage of funds due to low income generation from tax and other sources is a problem to be addresses adequately. So, the problem of tax evasion and avoidance must adequately be traced, so that the country will increase her capital projects from funds generated from tax.

1.3              SIGNIFICANCE OF THE STUDY 

Having seen the rate at which people evade and avoid tax and the subservient effect it brings in the revenue generation of the country, the researcher however has come out with some possible solutions to this problem in the economy. This entails that the research will serve as a possible solutions to the problems of tax evasion and avoidance in the society.

More still, tax authorities and officials will find this research rewarding as the research vividly pointed out the various forms of tax evasion and avoidance and also show the effects of such in the economy.

Finally, the research will be of great importance to further researchers on tax evasion and avoidance in the society.

1.4              DEFINITION OF TERMS

Tax can be defined as a compulsory levy imposed upon the eligible citizens of a state by the government of that state

 TAX EVASION: Can be defined as contravention of the tax law, whereby a taxable individual or company neglects to pay tax due to him.

TAX AVOIDANCE: Simply means the act of dodging tax without actually breaking the law

REVENUE:  Taxes, which a government receives

INCOME TAX: This is tax based on ones income

COMPANY INCOME TAX: This is tax levied on gross profit of companies. The higher the gross profit of a company, the higher the tax it pages.

TAX AUTHORITIES: This refers to the person or body of person responsible under law for collection of taxes.

CANNONS OF TAXATION: These refer to principles governing taxes.

TAXPAYER: One who pays tax

 

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