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TAX INCENTIVES CATALYST FOR
INDUSTRIAL DEVELOPMENT AND ECONOMIC GROWTH
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Tax studies
have become increasingly sophisticated especially during the past decade and
have yielded conflicting results as regards the tax matter. Some studies focus
on the cost and benefit of tax incentives while a few look at whether public
funds could have been better spent or if tax incentives were economically
justified. Tax studies offer little guidance to policy makers who are concerned
about tax rates or tax offerings and the effectiveness of employing tax
incentives as an economic and developmental tool.
The mode by
which industrial development and economic growth can be effectively,
efficiently, stimulated and developed is very demanding. As a result of this,
the government charges less tax and gives tax holidays in order to encourage
investments and economic activities in those areas which help to improve
production capabilities, activate economic growth as well as the allocation of
resources in a socially desirable manner.
Investors
often emphasize on the relative importance of a good tax system in investment
decisions compared with other considerations such as political and economic
stability, availability of social infrastructure, security of the life and
property and also the general cost of doing business and so on. To the
prospective investor, the general feature of a tax system (tax base rate) is
more important than the tax incentives in many developing countries. The tax
laws are not clearly written and may be subject to frequent review which makes
long-term planning difficult for businesses and add to the perceived risks of
undertaking major capital intensive projects.
Taxation is
a process or means through which communities or groups are made to contribute a
part of their income for the sole purpose of societal administration while tax,
is a compulsory levy levied on the people at a given place for the sole purpose
of government revenue for government expenditure.
Tax
incentive itself, is the use of government spending and tax policies to
influence the level of national income. This measure encourages the springing
up and gradual growth of new enterprises by the reduction of profit tax, which
in turn encourages production, influences the production level and curbs
unemployment. So, the government should provide such tax incentives in order to
boost development which will bring about an increase in employment
opportunities and also cause an improvement in the economy.
Amadiegwu
(2008:74), a tax expert wrote that the objective of tax incentive is that by
borrowing rather than taxing, the government has a better chance of expanding
investment spending which is essential in enlarging production possibilities
and attaining a sustainable improvement in the standard of living of the
people.
Dotun and
Sanni (2009:265), in their Nigerian companies taxation stated that these
incentives can be targeted on the low income earners, local and developing
industries, farmers, which will increase their savings and is necessary for
higher investment. Tax incentives create employment opportunities for the
people, helps to fight economic depression and inflation thereby increasing the
equitable distribution of income and wealth.
A good
economic development policy should contain the following elements.
a. GOALS AND OBJECTIVES
Goals and
objectives create a context for accountability as regards the use of economic
and developmental incentives. Common goals used in economic development include
targeted economic sector growth, business retention and/or recruitment,
geographic focus, job creation, light mitigation, improving on distressed areas
and environmental improvements.
b. FINANCIAL INCENTIVES TOOLS AND LIMITATIONS
An economic
development policy should define the type of incentives and the extent to which
the government will use them. For example, the government may decide to grant
an entitlement to any firm that meets the minimum required qualification
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