Download complete project materials on Accounting For Withholding Tax Operation In Nigeria Its Relevant And Adequacy from chapter one to five
TABLE OF CONTENT
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TITLE PAGE
CERTIFICATION
DEDICATION
ACKNOWLEDGEMENT
PROPOSAL
LIST OF TABLE
CHAPTER ONE
BACKGROUND OF THE STUDY
STATEMENT OF THE PROBLEM
OBJECTIVE OF THE STUDY
JUSTIFICATION OF THE STUDY
HYPOTHESIS OF THE STUDY
SCOPE OF THE STUDY
PLAN OF THE STUDY
CHAPTER TWO
LITERATURE REVIEW
2.1 DEFINITION AND OBJECTIVE OF TAXATION
2.1.2 CLASSIFICATION OF THE SYSTEM IN NIGERIA
2.1.3 CANONS OF TAXATION
2.2 NATURE AND OBJECTIVE OF WITHHOLDING TAX SYSTEM
2.3 INCOME TO WHICH WITHHOLDING TAX IN APPLIED AND TAX APPLICABLE
2.4 DUTIES OF PARTIES INVOLVE IN WITHHOLDING TAX
2.5 ADMINISTRATION AND IMPLEMENTATION WITHHOLDING TAX IN NIGERIA
2.5.2 DETERMINATION OF RELEVANT TAX AUTHORITY
2.5.3 WITHHOLDING TAX RETURN AND INCOME EXEMPTED FROM TAX
2.5.4 OFFENCES AND PENALTIES
2.6.1 ADVANTAGE OF WITHHOLDING TAX SYSTEM
2.6.2 CONTENTIOUS ISSUE ON WITHHOLDING TAX
2.6.3 DISTINCTION BETWEEN WITHHOLDING TAX AND VAT
CHAPTER THREE
3.1 RESEARCH METHODOLOGY
3.2 RESEARCH DESIGN
3.3 TYPES AND METHOD OF DATA COLLECTION
3.4 METHOD OF SAMPLING
3.5 POPULATION AND SAMPLE SIZE
3.6 METHOD OF DATA ANALYSIS
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
4.1 INTRODUCTION
4.2 DATA ANALYSIS AND INTERPRETATION
CHAPTER FIVE
5.1 SUMMARY
5.2 CONCLUSION
5.3 RECOMMENDATION
5.4 LIMITATION
APPENDIXES
BIBLIOGRAPHY
CHAPTER ONE
BACKGROUND OF THE STUDY
The responsibilities government forward its citizen include provision of infrastructure facilities, security important welfare development project, improve the standard of living. To promote Economic development e.t.c. it is quite obvious that such activities will only be possibly carried out through the support from an efficient and effective financial base. The financial base can be gotten from various sources including “Taxation”.
Taxation can simply be defined as the concept and science of imposing taxes the citizen (Sanni 2004). Tax in the other hand is a compulsory levy impose by the Government through its agents and for which it is not bound to offer service or consideration (Ola 2001).
Tax levied on income (individual). Profit (Enterprise and companies). Capital (capital gain tax) and consumption (Tariff) of a subject (Citizen), Basically, taxes are Classified into direct and indirect taxes. The classification is based on how the taxes are paid.
The Use Of Accounting Information In Public Corporation
The Role Of Auditing In The Business And Economic Life Of Manufacturing Industry
Direct Taxes are levied on individual or institution examples of direct taxes in Nigeria are personal income tax (including PAYE). Company income tax, capital gain tax, withholding tax.
Indirect Taxes are levied on manufacturers or whole sellers and importers of goods are passed on to the ultimate consumers in the form of price increased. Indirect taxes include customs duty., excise duty, stamp duty, vat e.t.c (Ola 2001).
There are many types of tax system in Nigeria, which include personal income tax, company income tax, capital gain tax, vat, withholding tax system etc.
This study intends to examine the tax system as well as its relevant and adequacy. Withholding tax is an advance payment of income tax it is deductive at the point of payment or when credit is taken. Which ever comes earlier for the specified activities. Any cooperation or incorporated body who is a recipient of the payment or the credit for the specified activities is therefore liable to suffer tax (Ola 2001).
Withholding tax can also be tax collection device that can be built into any type of tax. It is a system in which a debtor is empower by law to withholding a certain percentage of the money due to his creditor and pay it over to the government in lieu of the tax to be paid lat and on that sum by the creditor. It is deductible at sources(Ishola 2005).
The withholding tax was introduce by section 9 (21c) of degree 98 of 1979 and section 5(5) of degree 80 of 1977. The purpose is to bring the prospective taxes payer to the tax notice, there by widening the income tax base. In other words, withholding tax system is used to track down tax payers and the income which may otherwise not be reported by them.
Withholding tax is among other thing nothing more than collection machinery to curd tax evasion. It is not a separate tax on it own, suffices is to say that it is a payment on account off income tax and is available as set off against tax assessment of relevant period. It is common knowledge that the percentage of voluntary compliance with the law on taxation, mater by the citizen and in deed corporate bodies is very negligible and the need for government to generate as which revenue as possible is imperative. The justified the need for the law withholding tax system.
STATEMENT OF THE PROBLEM
Before the introduction of withholding tax system the government realized with great concerned the increase in incidence of tax evasion among recipients particularly landlords and shareholders.
Similarly the ineffective manner of deducing tax from board of directors members of the companies especially those who hold multiple or chains directorship was equally of great concern to the government.
This study provide answer to the following questions:
Has the implementation of tax fully understood by the practitioners?
Does the system (With holding tax) bring effectiveness in deducting from the recipient?
Has withholding tax system brought any good to Nigeria economic?
Can anything be done to improve its adequate and relevance in is there any punitive measure for the tax evader put up by the government. Nigeria Tax System?
OBJECTIVE OF THE STUDY
This study will examine the relevance and adequacy of the withholding tax system in Nigeria with the aim correcting uniformed impression about its implementation.
The need to understand the withholding tax operation in Nigeria cannot be over emphasized the study will include the need for effective and efficient financial base for the government as imperative. The study will also look in to how withholding tax is efficiently managed in order to generate adequate revenue from the source.
Explain to taxpayers, the public and other interested parties on how the withholding tax operates.
Give other important aspect in the implementation and administration of the system.
Attempt to evaluate the adequate of the system in line with its stated objectives.
JUSTIFICATION OF THE STUDY
The study showed the immense benefit to the taxpayers, public and corporate organizations that suffer the tax. The more they were informed the more like hood of understanding and appreciation of the usefulness of the system and more importantly the less they likely to evade tax.
The study served as a mechanism or tool for investment decision making process for the investors. Finally the study is set to remaining government to their responsibility by making necessary amendments and additional provision to the withholding tax law in Nigeria.
HYPOTHESIS OF THE STUDY
A test hypothesis is a rule that specified for each possible set of observation what to accept or reject the null hypothesis i.e Ho and Hi (Alternative Hypothesis).
In line with the above statement the hypothesis that will be tasted are:-
Ho: The withholding tax system has no significant impact on the economic development in Nigeria.
Hi: The withholding tax system has significant impact on the economic development in Nigeria.
Ho: There is no significant relationship between the incidence of tax evasion and introduction of withholding tax in Nigeria.
Hi: There is significant relationship between the incidence of tax evasion and introduction of withholding tax in Nigeria.
SCOPE OF THE STUDY
The scope of the study will be restricted to the Federal Inland Revenue Service Ilorin. The emphasis will be placed on the impact of the board of Inland revenue on the Nigeria tax system.
This study will make revenue to the provision of the various tax laws, which confer the federal Inland revenue Service. The authority to withhold tax and withholding tax account. Without any doubt there are limitations to this study. Due to starter time frame this study is restricted to Federal Inland revenue Service Ilorin. Another constraint is finances couple with accessibility to some information and materials.
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