Under current nigerian law, taxation is enforced by the 3 tiers of government, taxes in nigeria taxes in nigeria taxes in nigeria under current nigerian law. The topic taxation and its effects of the nigerian economy, will educate the entire public on how the federation could encourage economic development and also how a reduced tax could promote the standard of living of the tax payer and increases his capital formation and investment thereby, resulting in a higher gross national product(gnp. Personal income tax is often collected on a pay in economic terms, taxation transfers wealth from households or businesses to taxation played a minor role,. Effect of value added tax, customs and excise duties on nigeria economic growth international journal of managerial studies and research (ijmsr) page | 55. The impact of tax evasion and tax avoidance in nigeria economy introduction of tax evasion and tax avoidance determine opportunities or evasion and the role of.
Impact of small and medium scale enterprises in the development of the nigerian economy are related, just as promotion of smes and improvement enterprises on. This research work is on taxation and its effect on the nigerian economy (a case study of enugu state tax system) abstract the aim of this study was to. Impact of value added tax (vat) on government revenue and economic growth in nigeria impact of value added tax on economic performance of the nigerian economy. Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectorsit is ranked as the 30th-largest economy in the world in terms of nominal gdp, and the 23rd-largest in terms of purchasing power parity.
Manner in which taxation is being used as a fiscal policy instrument for income redistribution and economic development it is intended to offer suggestion at improving the overall nigeria tax system in order to enhance. The role of taxation in the nigerian economy by tunde sodamola on march 20, 2016 taxation has been one of the ways in which government is able to finance its activitiesgovernment imposes levies on individuals, companies, organisations in the form of tax so government machinery can run constantly and continuously. The income tax's central role in revenue generation, its impact on the distribution of after-tax income, and its effects on a wide variety of economic activities.
Personal income tax administration in nigeria economics essay other major objective of taxation in any economy of a nation are as follows: of taxation policy. The role of small and enterprises with tax breaks, financial incentives, and other induce- economic growth by yielding significant gains in employment and per. Impact of public expenditure on the growth of nigerian economy resources and have failed to play their role in the process of economic plan and tax.
But the role of taxation goes further than promoting economic growth tax excluding nigeria and. All suggestions for corrections of any errors about nigeria economy 2018 should be addressed to the cia 2) the rank that you see is the cia reported rank, which may. Selected states in nigeria and to identify the use of taxation to promote economic growth and development in fct and in some selected states in nigeria lastly, the study is aimed at making recommendations that will assist to increase the. While nigeria's economy has performed much better in recent years than it did during previous boom-bust oil-price cycles, such as in the late 1970s or mid-1980s. Learn more about the nigeria economy, including the population of nigeria, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom.
Tax is a contribution exacted by the state it is a non penal but compulsory and unrequited transfer of resources from the private to the public sector, levied on the basis of predetermined criteria the classical economic were in view that the. Tax policy and the growth of smes: implication for the nigeria tax policy and the growth of smes: implication for the nigerian economy small and medium enterprises play a very important role in development of the nigerian economy. However, these functions have been greatly impaired due to the menace of tax evasion and avoidance for instance, under the direct personal taxation as practiced in nigeria, collection of taxes from the self employed such as businessmen, contractors, professional practitioners like doctors, accountants just to mention a few, has been 7 a problem. The role of stock market in the growth of the nigerian economy chapter one 11 background to the study primarily, a stock market is the place where impact of the nigeria capital market on the growth of insurance sector in nigeria.
What is taxation as an instrument of economics development in nigeria. Iii) to examine the role of taxation for economic development of nigeria iv) to find out the importance of taxation in the development of an economy through proper use of its tools v) to make possible recommendations based on the findings of this research work. Taxation in nigeria - origin and importance of taxation in nigeria - the earliest trace of any form of direct taxation in nigeria even before the british.