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Taxation and economic development

 Department:Accountancy  
 By:usericon mattkings  

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Abstract
Tax has contributed in no small measure to the economic growth and development of Nigeria. Apart from the revenue function it performs for the government, it has also been a means of achieving the country’s economic objectives in the areas of monetary and fiscal policies. The main focus of this study is to explore how taxation has led to economic growth and development in Nigeria, ranging from 2010-2015. The Federal Board of Inland Revenue Service (FBIRS) is charged with the responsibility to assess and collect taxes from individuals and companies. Thus, their challenge which includes tax evasion among other things has been x-rayed. Underestimation of personal income, tax evasion, fraudulent tax officers etc are major hindrances to revenue generation. Further, non-compliance with tax laws on the part of the taxpayers and inefficient tax administration system in Nigeria have created loopholes That hamper economic growth and development. According to Divivedi (2004) economic growth is a sustained increase in per capita national output or Net National Product (NNP) over long period of time. It implies that the rate of increase in total output must be greater than the rate of population growth. However, it has been observed over the years that tax revenue from individuals and companies has been grossly understated due to improper administration of Nigeria tax system. The major problem works against economic growth in Nigeria and limits development. Their project work relates basically to national development but the scope is restricted to the confines of FBIRS. This body was established in 1991 and is changed with all tax administration in the country that relates to the Federal government. This, the primary and secondary data used in this study were sourced from this body but not limited to it....
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