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Value added tax (VAT) in Nigeria - emerging problems and prospect presented

 Department: Accountancy  
 By: usericon verao123  

 Project ID: 146
   Rating:  (3.0) votes: 148
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   Price:₦1000
Abstract
The value added tax was introduced in Nigeria following the repeated calls by the international monetary fund (IMF) and World Bank and the need for diversity in the nation’s sources of revenue from sole dependency on petroleum profits to other sources. Value-added tax, being a federal government tax and tax charged on the consumption of goods and services are imposed to raise money for the government. The universal principle of taxation is that it should be accommodated by the payers and processed should endeavor to pay tax money in the federal government pocket. The tax of VAT was variously postponed. However, it eventually later took of the delay and was attributed to enable the government to prepare enough grounds for the take-off in the area of publicity and ether precautionary measures to take care of the slight like in the price that affected goods and services in the view on the inflation the was already in the country. Ironically, despite these measured in the implementation VAT was still greatly recommended by the general Nigerian public. This was predicted on the above fears and the effect VAT would have on corporate profitability and individual. The first chapter will introduce the topic“VAT” chapter two will deal with the literature view of the work while chapter three will be on summary, conclusion, and recommendation on how to improve VAT collections. ...
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