This study shows the problems and prospect of Nigerian company tax with Abia State Federal Board of Inland Revenue as the case study. The period covered by this research enabled the research to be reliable.
To ascertain whether sharp practices in administration between the staff of FBIR and assess company contributed to tax evasion
To ascertain if there is any variation between financial statement used for AGM and that sent to FBIR for tax administration
To ascertain whether loss of confidence in government officials has contributed to tax evasion.
Every country in the world tends to generate income through tax administration. In Nigeria the company income tax administration aims and tries to tax each company in the state more effectively. However the level at which the company income tax Administration in Nigeria tend to achieve its desired goals and objectives depends mostly on the tax office and the company that is operating in Abia state.
For the tax Administration in Nigeria to be effective the aspect of the companies been taxed should be considered adequately and more accurately so that the company would provide reliable financial performance information for assessment. In which the federal government derives its income.
Due to the ever changing tax administration policies in the country and modifications in the aspect of taxation in Nigeria some companies want to stay afloat and employ all kind of strategies that benefits them. Some of them evade tax and some avoid tax.
When tax in Nigeria is paid by the various companies operating in the state the revenue collected are used to provide utility services and providing additional government services such as in education and transport which are of great importance to the growth of the economy of the state and to the country.
Tax administration in the country is a very important aspect that assist in the provision of revenue to the economy of which the avoidance of tax payment by the companies in the country in general and in Abia state in particular will result to a serious damage to the revenue which should have been generated and used for the provision of infrastructure.
When a company is been taxed by the federal board of inland revenue (FBIR) the company is meant to give an accurate information about their income but some companies go to the extent of forgery in provision of their documents which gives an incorrect information to the board, thereby causing reduction in their tax assessment.
Based on the above observation or trend of this action over time this study set out to examine the problems and prospects of the company income tax administration in Nigeria and in Abia state to be precise.
THE PROBLEMS AND PROSPECTS OF COMPANY INCOME TAX ADMINISTRATION IN NIGERIA. A CASE STUDY OF ABIA STATE FEDERAL BOARD OF INLAND REVENUE
This study shows the problems and prospect of Nigerian company tax with Abia State Federal Board of Inland Revenue as the case study. The period covered by this research enabled the research to be reliable. RESEARCH OBJECTIVES To ascertain whether sharp practices in administration between the staff of FBIR and assess company contributed to tax... Continue Reading
ABSTRACT Tax policy administration and implementation have been a great problem to the third world countries, which Nigeria is one. This research work, “income tax administration in Abia State, a critical evaluation of the problems and prospects. Thereafter, suggests ways of minimizing the effects of the following problems. Avoidance and evasion... Continue Reading
BACKGROUND OF THE STUDY The primary function of the government or any modern societies includes offering protection to its citizens. To provide social amenities and create condition for economy well being of the society surely the discharge of this responsibility requires funding, and one of the way by which government generates fund is through... Continue Reading
Tax administration in Nigeria lacks coherent policy and this made the economy to remain in a deep structure. The main purpose of this study was to investigate the critical tax administration challenges before Nigeria and pinpoint measures required by authorities and practitioners to meet them in order to achieve these, two hypotheses were... Continue Reading
ABSTRACT Tax is a compulsory levy imposed by the government on the income or profit of the taxpayers in order to pay the expenses of governance. Capital Gains Tax is a form of tax chargeable on capital gains arising from the disposal of chargeable assets. This paper examines the nature and the justification for Capital Gain Tax as a lucrative... Continue Reading
Abstract This study is carried out with the aim of evaluating Nigeria tax system with special emphasis on value added tax – study of Federal Board of Inland Revenue (FIBR). It began with the history and development of Nigeria tax system right from its introduction between 1804 and 1810 and went through the fields of various tax It main purpose... Continue Reading
ABSTRACT This project work deals with â€œAppraisal of Income Tax Collection and Administration in Nigeria. A case study of Board of Internal Revenue Enugu. It explains the income tax collections as a vital tool of macro-economic management of our society. I have come to acknowledge that taxation is a patent fiscal full of economic adjustment.... Continue Reading
(FIRS)(OGUN STATE BRANCH) CHAPTER ONE INTRODUCTION 1.1. BACKGROUND TO THE STUDY Taxation is a compulsory levy imposed by the Government on the incomes of taxpayers in a geographical territory in order... Continue Reading
ABSTRACT Regrettably, it is worthy to note that several years after independence, that the statutory allocation is in the doldrums, people expectation on the government continues to rise. Every responsible government is always anxious to provide at least the very basic amenities for the people in addition to the payments of salaries and allowance... Continue Reading
ABSTRACT Every country in the world tends to generate income through tax administration. In Nigeria the company income tax administration aims and tries to tax each company in the state more effectively. However the level at which the company income tax Administration in Nigeria tend to achieve its desired goals and objectives depends mostly on... Continue Reading