Home»Accountancy» Taxation and economic development

Taxation and economic development

 By:usericon mattkings  

   Rating:  (5.0) votes1
   Rate this project   
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....
Preview +
Other Accountancy project topics and materials you might be interested in
»The Impact of Accounting Ratio in Decision Making ( A Case Study of Nigeria Breweries Plc Enugu)
»The impact of budget and budgetary control in tertiary institutions ( A Case study of imo state university )
»Internal control as a tool for improving profitability
»Role of good accounting system in the management of private enterprise in Nigeria ( A Case Study of Nwaogo pam paper mills limited )
»Impact of computerization of accounting system of commercial banks ( A case study of union bank plc )
»The Impact of product development on banks performance ( A Case study of first bank plc )
»Effects of standard costing on the profitability of manufacturing companies (a case study of nigerian breweries plc, Ama, Udi local government of Enugu state)
»The role of accounting system in measuring organizational performance of transport company ( A Case study of ABC Transport )
»Auditing in Nigeria companies, problems and prospects
»Effective internal control as an aid to management efficiency ( Case Study of Nigeria Bottling Company Owerri )
»The role of capital market in a developing economy ( A case study of the Nigeria stock exchange )
»Value added tax (VAT) in Nigeria. Merging problems and prospect presented.
»An appraisal of fraud prevention measures in Nigerian banking sector ( Case study of access bank plc owerri )
»Financial strategies for small-scale business in Nigeria. Problems and prospects
»The impact of development finance institutions (DFIS) in economic development of Nigeria