EFFECT OF TAXATION AS AN INSTRUMENT TO ECONOMICS DEVELOPMENT

(Accounting)

EFFECT OF TAXATION AS AN INSTRUMENT TO ECONOMICS DEVELOPMENT IN EDO STATE

A CASE STUDY OF OREDO LOCAL GOVERNMENT AREA OF EDO STATE

TABLE OF CONTENT

CHAPTER ONE

1.0        Introduction

1.1    Statement of problem

1.2        Objective of the study

1.3        Significance of the study

1.4        Limitations of the study

1.5        Assumptions

1.6        Formulation of hypothesis

1.7        Definition of terms

CHAPTER TWO

Review of Related Literature

2.0        Introduction

2.1    Definition of tax

2.2        Types of Taxation

2.3        Incidence of Taxation

2.4        Principles of Taxation

2.5        Elements of Taxation

2.6        The importance of Taxation in Edo

Statement Economy

2.7        Structure and administration of Nigeria tax system

2.8        Appraisal of some tax legislation

2.9        The problems of Taxation and its function

 

CHAPTER THREE

Research Methodology

3.0        Introduction

3.1    Research design

1.2        Primary source of data

1.3        Secondary source of data

1.4        Population

1.5        Sampling techniques

1.6        Sample size

1.7        Remarks

 

CHAPTER FOUR

4.0        Introduction

4.1    Presentation of Related data

4.2        Analysis of related

4.3        Testing the Hypothesis

 

CHAPTER FIVE

Discussion, Conclusion and Recommendation

5.0        Discussion

5.1    Summary/Conclusion

5.2        Recommendation

Bibliography

CHAPTER ONE

 

1.0       INTRODUCTION

One of the major functions of any government especially developing countries such as Nigeria in the provision of infrastructure service such as electricity, pipe-born water, Hospitals, schools, Access roads and as well ensure a rise in per capital income poverty alleviation to mention a few.

For these service to be adequately provided government should have enough revenue to finance them.  The task of financing there enough revenue to financing there enormous responsibilities is one of the major problem facing the government. Given the limited resources of government, there is need to carry the citizens (governed) along hence the imposition of tax on all taxable individuals and companies to augument government’s financial position.  To this end, government have always enacted various tax laws and reforms existing ones to stand the taste of time.  They include: income tax management act (ITMA) companies income tax decree (CITD) joint tax board (JB) etc.

All these are aimed at ensuring adhence to Tax payment and discouraging tax evasion and avoidance.

For the purpose of this study, the researcher would be concerned with the effect of taxation as an instrument  to national economic development of Edo state (Nigeria).

 

1.1    STATEMENT OF THE PROBLEM

          The first need of any modern government is to generate enough revenue which is indeed the breath of its nostril” Thus taxation is by far the most significant source of revenue for the government.  The ideas Nigeria’s regard payment of tax as a means whereby government raises revenue on herself at the expense of their sweat.

        It is good to note that no tax can succeed without the tax payer’s co-operation.  Here, we an ask some thought-provoking question such as what takes taxation such a difficult issue?  Why do people feel cheated when it comes to tax? Is government making judicious use of tax payer’s money?

        In view of these questions above this study is going to be carried out to offer solution to them.

        We shall also look at the following issues and offer recommendations.

1.           Problems affecting the successful operation of tax system in Nigeria

2.           How to determine the Assessable income

3.           Process of tax administration to Nigeria

 

1.2       OBJECTIVE OF THE STUDY

The general objective of the study is to assess the contribution of taxes towards the growth of the Edo state economy.

1.           To examines the relevance of taxation in Edo state

2.           To determine why people feel cheated when it comes to tax

3.           To determine the extent government has been using revenue generated from tax

4.           To make recommendation on the way forward

 

1.3       SIGNIFICANCE OF THE STUDY

The study will afford us the opportunity to know the roles taxation play in the Edo state economy’s such roles includes:

1.           Taxation is a major source of revenue to the government

2.           Revenue generated from tax enables government performs its function effectively

3.           Taxation acts as an instrument of Fiscal policy

4.           Taxation also educates Nigerians on the need to continue to pay their tax promptly

 

1.4       ASSUMPTIONS

The researcher in carrying out this study will make the following assumption.

1.           That the data that will be used are true and fair figures of taxes actually colected by the Federal government in each year of assessment.

2.           That the data will be authentic and can be retied on for further research works on this topics

3.           That the data is going to form the basis of the research work.

 

1.5       FORMULATION OF HYPOTHSIS

To enable the researcher test if there exist any correlation between revenue generated from tax and its effect on the Edo state economy, some statistical model will be issues based on the response from the oral interview carried out and the questionnaires distributed data gathered from here will be used to test the following hypothetical statement (Assumption).    

1.6       HYPOTHESIS I

The Null hypothesis (Ho): revue generated from tax does not make any impact on the economic development in Edo state.  The alternative hypothesis (HA):  Revenue Generated from tax has positive impact on the economic development of Edo state.

Hypothesis II

          The Null hypothesis (HO): that tax evasion and avoidance do not affect tax revenue.  The alternative hypothesis (HA): that tax evasion and avoidance do affect tax revenue.

Hypothesis III

          The Null hypothesis (HO): that revenue generated from tax is so meager compared to revenue from other sources, an such, government can do with tax.

        The alternative hypothesis (HA): that tax is a major not do without tax.

 

1.7       DEFINITION OF TERMS

TAX:           A compulsory payment made by individual and firms to the

government.

FBRIS:       Federal board of inland revenue services.

PERSONS: It includes  all taxable persons whether it be individual or co-

operate bodies.

CITA:         Company income Tax Act

ITMA:       Income Tax Management Act

CITD:         Companies Income Tax Decree

JIB:          Joint Tax Board

CTTD:       Capital Transfer TAX Decree

VAT:         Value Added tax

PPTA:         Petroleum Profit Tax Act

CAMD:        Companies and Allied Matters Decree

PAYE:       Pay As You Earn

TAXBASE: The Object, which is, taxed  e.g. personal income company

 profit etc

TAXRATE: The rate at which tax in charged

TAX INCITEMENT   : It refers to the effect of and where the burden is

finally rested

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