Download complete project materials on An Evaluation Of Value Added Tax In Nigeria
CHAPTER ONE
PASS 2024 UTME WITHOUT STRESS:- 👉 DOWNLOAD and PRACTICE with 2023 UTME CBT APP 📱👈
CLICK to DOWNLOAD NOW.:- 👉 PASS Your POST UTME by Downloading Your School's Post UTME Past Questions and Answers 📱👈
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
For any country to exist three must be rules government and ruled citizens between these exist a social contact which binds citizens together with their government the contracts requires government to tap all the economic and natural resources of the country and provide social amenities such as education facilities, good roads, hospital, pipe bore holes e.t.c on the other hand the ruled citizens are expected to given maximum loyalty to the government (Alheri 2007)
When government policies abrogate the social contract, citizens may not honors their contract one another or with the government
Maintaining that social contract is particularly important and difficult in the midst of social problems that frequently accompany the development and transformation of growing economy like Nigeria, coupled with these is that resources available to the government are extremely limited to enabling government fulfill its obligation.
The responsibilities of lushioning the limited resources rest on the citizen who contribute to the government coffers such contribution is referred to as tax.
Tax is defined as a compulsory levy imposed by the government through its agent on the income, profit, good service (VAT) and consumption of its subject so as to increase the resources available to the citizens.
Taxation among other sources of revenue for government plays a major role in revenue generation in Nigeria though it is the final and proper usage of collected funds that translate and to economic dividends.
Nigeria have enjoyed an era which is widely know as the of oil boom, during the period the economy is so stable and buoyant that in the early seventies the Nigeria pound then later Naira is rated more than the American dollars and British pound, the era was therefore characterized by unnecessary wastage, flamboyant’s and corruption, while that oil boom lasted no one complained of the wastage and inefficiency of our public enterprises and a host of enterprises of questionable commercial and financial viability were established.
Management Of Bad Debts In Commercial Bank
Implication Of Foreign Exchange Management And Global Economy Down Turn On Nigerian Economy
It is true to a large extent that most of these parasatal were managed funded and sustained by the federal government while it was easier for government to do during the oil boom at the annals of 1970s those responsibilities have stated becoming too enomous fore government to finance.
The problems were considered to be of a short term nature but they persisted policy measure were taken between 1982 and early 1986 to ameliorate the macro economic problem being faced by the economy but the control measure were not largely successful but also leads to situation of drastic short supply of discriminative resource to external borrowing and accumulated unpaid trade bills.
The end of 1977 the Nigeria economy has started becoming the ghost former self since then the economy continue to experience a downward side term of turn over and revenue yield. To save the situation government have tried one form of reform to the other, reform such like (SAP) structural adjustment programs, dept equity swap and most important of all these measure were adopted as a saving grace.
But it is regrettable that they yielded little or no positive impact, with the inability of these reforms to save situation on ground, despite all efforts including, privatization and commercialization which forms the commanding height of the nation’s economy government decided to look inwards and also to funds.
Its attention at other jurisdiction with view of taking a cue f their successful reforms of is bearing the above position in mind that government decided to embrace (VAT) value Added Tax, the reason for the adoption of the above reform is based on the facts that they have been practiced with high degree of success in other jurisdictions.
The reform as also proved to be very successful since the Federal Government of Nigeria has decided to give legal backing to the implementation of VAT, the Federal Government established the value Added Tax VAT, the Federal Government established the value Added Tax decree 1993. Value added tax was imposed on Nigeria by virtue of the decree know and referred to as the tax and the most appropriate section sealing with the imposition of value added tax vat read thus.
There is here by imposed and charged tax to be know as the value added tax which shall be administered in accordance with the provision of this decree.
1.2 STATEMENT OF THE PROBLEM
The Nigeria tax system is not free from one problem or the other. With respect to all kinds of taxes being administer in Nigeria and as such need reforms in the aspects of basic of assessment, collection and accounting for taxes.
A numbers of problems were responsible for the in effective of tax payer. They include the following.
1. The inability of the value added tax to achieve it functions of revenue adequately and equity.
2. Tax assessment and collection has not be a simple tax in Nigeria especially in (FIRS) Federal inland revenue services Kaduna state in particular.
3. The problem of avoidance and evasion.
4. Lack of quality personal to ensure adequate and smart collection of (VAT) value added tax.
5. Shortage of manpower.
6. In appropriate of capital from the inception.
7. The impact of VAT to individual.
8. Political instability.
9. Total government ownership which did not encourage profit orientation operation.
10. Influence of political environment.
1.3 SIGNIFICANCE OF THE STUDY
This study will help to bring about a greater understanding of what value added tax is all about. Its workability implementation and areas of coverage. This study will also serve as stepping stone for other research and also widen the horizon of knowledge of scholars and academics alike on the management of tax in Nigeria.
1.4 OBJECTIVES OF THE STUDY
The main objective of the study is to examine and appraise the implementation management and evaluation of value added tax in Kaduna state and Nigeria how vat is administered in terms of assessment computation offences and penalties collection and registration procedure in Nigeria.
To identify the goods and services that are taxable under vat also goods and service that are exa200mples from being taxed under vat It is also objective of this study to look in to problems hindering the smooth and effective implementation and management value added tax in Nigeria and proffer practicable solution to the problems identified during the course of this study.
1.5 SCOPE OF THE STUDY
This research work focuses mainly on the evaluation of value added tax in Nigeria with special emphasis on it implementation management and proper utilization of value tax proceeds and the associated problems.
To undertake a study of this nature is not easy because it is a wide field of study and this has various limitation problem. The first limitation is for the success of any research work depends on availability of funds
1.6 STATEMENT OF HYPOTHESIS
For the purpose of this study the following hypothesis shall be tested and they are.
 Hypothesis One
Ho: the evaluation of value added tax inn Nigeria is not successful
Hi: evaluation of value added tax in Nigeria is successful
Hypothesis Two
Ho: there is poor utilization and accounts for VAT proceeds
Hi: there is proper utilization and accounting for VAT proceeds.
1.7 DEFINITION OF TERM
Tax evasion:– Tax evasion is whereby a tax payer neglects to pay the tax due or reduces the tax liability to making fraudulent or untrue claims.
Capital gain:- This is the gain made on disposal of capital assets by either individual or company.
Balancing Allowances:- This is the allowance given to any company, which disposed it assets is less its disposed valve.
Balancing Charge:- This is charge made on any company which disposed it assets and the disposed value of the assets is more than the residual value.
Remittance:- A sum of money that is sent to somebody in order to pay for.
Vatable:– These are services or good that value added taxes are charge.
Phenomena:– This means an event.
Abrogate:– This means an official end law or agreement
Ameliorate:- To make something better.
1.8 LIMITATION OF THE STUDY
The research faced the problem of finance which makes it difficult and hindered on some for the activities of the research, employees did not open up very much due to the fear from the superior officers and finally some tax payers sole proprietors are illiterate which make them not to understand the content of the questionnaire and require word to ward transition and subsequent filling by the researcher.
The researcher made judicious use of the resources at his disposal to out this work to meaningful capacity and which will of interest and use to who so ever may carryout research in the field of study.
CLICK HERE TO DOWNLOAD THE COMPLETE MATERIAL (CHAPTER 1 -5)
>GUARANTTEE|:| Score 280 Above in 2024 UTME👉 DOWNLOAD FREE JAMB CBT APP HERE:.: GURRANTTEE Score 280 Above in 2022 UTME👉 DOWNLOAD FREE JAMB CBT APP HERE 📱👈WISH TO STUDY & LIVE in UK?:- STUDY, WORK AND LIVE IN the UK Application Form NOW OUT. Call 08030447894
