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Effect of multiple taxation on small scale business

 Department: Business Administration and Management  
 By: usericon bapatigi7954  

 Project ID: 2485
   Rating:  (3.3) votes: 6
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   Price:₦2000
Abstract
Small and medium businesses play a very important role in the development of the Nigerian economy. Making up about 97% of the entire economy, they serve as a source of employment generation, innovation, competition, economic dynamism which ultimately leads to poverty alleviation and national growth. Tax policy is one of the factors that constitute the Small businesses’ economic environment. This research work tries to establish if any relationship exists between the growth of Small businesses and the tax policy environment in which they operate in Nigeria. Questionnaires were distributed to Small businesses in Calabar, Nigeria and a non-probability judgmental sampling method was employed. It was found out that from most Small businesses surveyed they were faced with the problem of high tax rates, multiple taxations, complex tax regulations and lack of proper enlightenment or education about tax-related issues. Although there was a general perception that tax is an important source of funds for the development of the economy and provision of social services, the study revealed a significant negative relationship between taxes and the business ability to sustain itself and to expand. In order to obtain a vibrant and flourishing SME sector, the tax policy needs to be appropriate such that it will neither be an encumbrance to the Small businesses nor discourage voluntary compliance. A suggested solution is by increasing tax incentives through reducing tax rates and increasing tax authorities’ support services towards small and medium businesses. ...
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