EVALUATION OF FINANCIAL ABUSE IN THE PUBLIC SECTOR (A Case Study Of Federal Inland Revenue Service Headquarter Abuja)
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EVALUATION OF FINANCIAL
ABUSE IN THE PUBLIC SECTOR
(A Case Study Of Federal Inland Revenue Service Headquarter Abuja
ABSTRACT
This research “work”
financial Abuse in the public sector. An overview of federal inland revenue
service entire relevant information towards the achievement of organizational
goals. Therefore is the need for effective internal control. A system in order
to give an organizational a sense of direction and allowing for it growth. The
study sought to find out the financial management and waste in the public
sector identify the key areas that cause all these abuse in the public sector
and also to examine the method to be used in controlling the financial abuse.
Title page:………………………………………………………………………………….i
Declaration:……………………………………………………………………………….ii
Approval Page:…………………………………………………………………………..iii
Dedication:………………………………………………………………………………….iv
Acknowledgement:………………………………………………………………………v
Abstract:…………………………………………………………………………………….vii
Table of content……………………………………………………………………… viii
TABLE OF
CONTENT
CHAPTER
ONE
1.1
Background of
the study - - - - - - 1
1.2
Statement of
the problem - - - - - 6
1.3
Objective of
the study - - - - - - 7
1.4
Statement of
the hypothesis - - - - - 8
1.5
Significance of
the study - - - - -- - 9
1.6
Scope of the
study - - - - - - - 9
1.7
Historical
background of FIRS - - - - - 10
1.8
Definition of
terms - - - - - - 12
CHAPTER
TWO
2.0
Literature
review - - - - - - 15
2.1 Definition
of tax - - - - - - 15
2.2 Source
of revenue to the federal government - 19
2.3 External
source of revenue - - - - 22
2.4 Internal
control of funds in federal government 26
CHAPTER
THREE
METHODOLOGY
3.1
Introduction - - - - - - - 29
3.2
Population and
sample size - - - - 31
3.3
Sampling
technique - - - - - - 32
3.4
Source and
method of data collection - - 32
3.5
Method of data
analysis - - - - - 33
3.6
Justification
for the choice - - - - 34
CHAPTER
FOUR
3.0
Data
presentation, analysis and interpretation
4.1
Introduction - - - - - - - 35
4.2
Data
presentation and analysis - - - 38
4.3
Testing of
hypothesis and interpretation - - 38
4.4
Summary of
findings - - - - - 41
CHAPTER
FIVE
Summary, conclusion and recommendation
5.1
Summary - - - - - - - - 44
5.2
Conclusion - - - - - - - 46
5.3
Limitation of
the study - - - - - 50
5.4
Recommendations
- - - - - - 51
References - - - - - - - 54
Appendix/appendice
CHAPTER ONE
BACKGROUND
OF THE STUDY
The main objective of writing this project “on the
evaluation of financial abuse in the federal inland revenue service” is to
bring to the notice of the readers the source from which government derived its
revenue and how its expenditure controlled and also to identify the evaluation
of financial abuse in the federal inland
revenue service and some control measure which the government can adopt in
order to present the financial abuse in federal inland revenue service.
The appropriate govern46ment organ institution on
largely responsible for the collection of tax is the federal inland revenue
service while the office responsible for the accountability of the money
collected on behalf of the government is the revenue mobilization and fiscal
commission operated as a department in the federal ministry of finance.
As part of the re-organization the federal
government of Nigeria
Financial abuse in the public sector is an attempt
by which the government allows the financial mismanagement, embezzlement and
wastes in it’s sector and to identify the various key area that course all
abuse in the public sector and also examine the method to used. All abuses
therefore this research would go deeply into the plan in the organization in
the financial aspects, check the accuracy and reliability of the accounting
clate promote operational efficiency .and encourage adherence to prescribed
official ‘polices and guideline.
In consideration of this topic, therefore is that
there must be some element in which every organization must adopts the ones
that are necessary for the controlling some financial transactions in that
organization custody and security of Assets. The background of the study is to
identify the various source of revenue for federal in land revenue service are
as ‘follows, VAT, Personnel Income Tax, Custom Duties Company Income Tax,
Education Taxe Capital Gain Tax, Import Duties and Export Duties Petroleum
Profit Tax, etc are allocated to the various department project and to examine
the financial record of federal inland revenue service to know whether there is
adequate system of internal control in the organization. The evaluation of
financial abuse in the federal Inland Revenue service encountered some likely
peculiar issue has regarding to financial record accuracy of the tax administration
in Nigeria Nigeria
1. SHORTAGE
OF PERSONNEL: The personnel
department play an important role in the system of revenue collection in the
state, this shortage of staffs is capable of impairing the objective time of
maximizing personnel income tax revenue by 1996. The senior officials in the
federal inland revenue services of intend revenue was 286 but present were 354,
the reduction percent was at minimum of 50%.
2. PROBLEM OF
ASSESSMENT TAX: Assessment
problem centres among the location of the personnel income tax and the
determination of his assessable income, effectiveness within the content of
personnel income tax administration may be measured in terms of the ratio of
actual to potential coverage.
3. CURRUPTION
AMONG TAX PAYER: The tax payer
default in paying the exactly amount by bribe of the tax collector in order to
reduce the actual amount collected as a taxes.
4. CORRUPTION
AMONG TAX OFFICIALS: In the
processing of collection of the revenue tax, officials must especially the tax
collector print their receipt booklet and issued to the tax payer without their
knowledge and mea ‘while that the duplicate carries is not what the original
was reading, they may use carbon paper to the duplicate, at time the revenue
collector would received the money from the tax payer with out even issue of
receipt to them.
5. INFLATION: the persistent rises in general price of goods
and services the purchasing power of salary continue to dwindle thud your
salary could not buy you even enough food for the month, therefore with this
problem the employees of public sector means of through variety of ways in
order to make and meet most of these ways are either fraudulent or illegal in
nature.
6. NEGLIGET
OF DUTIES: most of the staffs neglect
there duties and display goes official of conduct e.g. absenting from duty
perior to officially articulated closing hours. Others may report late and
depart arbitrantly leaving work load to pile up. In addition, public funds
generated are either misappropriated or pocketed for their personal use.
7. INADEQUATE
SUPERVISION: Monitoring the
activities of individual staff is very important, any attempt to allow the
staff to work independent without monitoring and supervisor assign
responsibilities without authority may makes co-ordination very frauds
difficult could be arisen.
There are methods which should be used in
detection of the effect of financial abuse in the ‘public sector as follows:
a. Internal control system
b.
Cash and cheque
received by post
c.
Cash sales and
collections
d.
Payment into
bank
e.
Cash and bank
f.
Cheque payment
STATEMENT
OF THE PROBLEM
Despite the econumous disadvantage of the
financial abuse in the public sector, federal ‘inland revenue service is
experiencing a lot of problems with regards to mismanagement of funds which
includes the cost capturing is one of the financial abuse in the federal inland
revenue service, the ‘officials are not available to record that mostly in
respect of capital income tax and valued added tax which if properly capture
would not boost the nation revenue base.
Delay in the remittance is another financial abuse
in federal Inland Revenue service, inability of reflection of accurate figures
in federation account, it extremely difficult which will result in exisizing
fraud.
Failure of some staffs to declare their valued
added tax collection and proper actions would not be taking in headquarters
because of the involvement of some personnel in the headquarters, the revenue
mobilization allocation and fiscal commission has urge federal Inland Revenue
service to intensify its effort in recouvering huge amount of money from the
tax collection.
OBJECTIVE
OF THE STUDY
- To identify various source ;of revenue in Federal
inland revenue services Abuja
- To identify whether there is adequate internal
control system in federal Inland Revenue service Abuja
- To examine the adequate and qualification of staff
working in federal inland revenue service Abuja
- To identify problems faced by federal Inland
Revenue service in tax collection.
- To find out the causes of financial inefficiency
in federal Inland Revenue service Abuja
STATEMENT
OF THE HYPOTHESIS
In every research work, it is every important for
the researcher to make statement of hypothesis which may give the researcher
the direction to think with respect to the research topic. This will enable the
researcher to find a way of solving the research problem.
Research hypothesis usually give the researcher
more insight into the problem under investigation thereby enabling the
researcher to frame questions that are relevant to the research problems so as
to find possible solutions to such problem for this research study, the
following hypothesis would be formulated to enable the researcher to device
means of solving research problem.
Ho = Evaluation of financial abuse in the public sector is not
efficient
operation of federal Inland Revenue service
Ha = Evaluation
of financial abuse in the public sector is the efficient
operation of federal Inland Revenue service
SIGNIFICANCE
OF THE STUDY
The study will be of benefit to various people as
follows:
1. Students – for it would useful to student for further research in
the same field of study.
2. Government – In order to effect necessary change and ensure that
money is being channeled in an efficient manner.
3. Federal Inland Revenue Services will benefit (FIRS) in assessing
and evaluating efficient operation of tax collection.
SCOPE OF THE STUDY
In as much as the researcher desired to provide as
much material facts as possible with respect to the topic under study a number
of fact or prevented me from doing so. First is monetary constraints. The
researcher faced the problems of financial disability which is needed from the
beginning to the end of the research work lack of money has hindered me from
collecting more data for the study.
Time limit was also a hitch in the pursuance of
the project work. The researcher being a worker and student at the same time
suffered the constraint of getting time to visit the school library and his
supervisor for relevant information and enlightenment board in order to prevent
financial uses in the limitation of the research of the study will also be
highlighted once more.
HISTORICAL BACKGROUND OF THE FIRS
The Nigerian Federal Inland Revenue Service was
created in 1943. It was carried from the erst while Inland Revenue Department
that covered what was then the Aglophone West Africa (including Ghana , Gambia
Tax provider revenue to fund government ensures
resource redistribution, streanlines consumption of certain goods and services
reduce inflation and generates employment.
The Federal Inland Revenue Services is
constitutionally empowered to collect taxes.
In 1958 the board of Inland Revenue was
established under the income tax ordinance of 1958. The name was later changed
in 1960 when the Federal board of Inland Revenue (FBIR) was established under
section 4 of the companies and income tax Act (CITA) No 22 Of 1961 FBIR
operated then as department in the federal ministry of finance a further
transformation took place in 1993 when the finance (miscellaneous taxation
provisions) Act No. 3 of 1993 established the Federal inland revenue service
FIRS as the operational arm of FBIR the Act also created the office of the
executive chairman of the board. In 2007, the Federal Inland Revenue service
establishment Act (2007) which granted authonomy to the service was enhanced.
The federal Inland Revenue service decided to publish a list of our operational
offices, jurisdiction and telephone numbers.
This directory is a guide to all tax payers on how
best they could access our services, it is our hope that this directory will
forter continous interaction between FIRS and tax payers and guide the service
on how best we can serve you. The boards consist of:
a.
The executive
chairman of the service who shall be experienced in taxation as chairman of the
service to be appointed by the president and subject to be confirmation of the
senate.
b.
Six workers
with relevant qualification and expertise who shall be appointed by the
president to represent each of the six geo-political zones.
c.
A representative
of the attorney general of the federation.
d.
The governor of
the central bank Nigeria
e.
A
representative of minister of finance not below the rank at director.
1.8 DEFINITION
OF TERMS
It is always necessary for the research to define
terms that are frequently used in the research work the following are some of
the terms used.
1. Internal control system: To carry on the affair of
an organization in orderly manner safeguard the assets and secure the accuracy
and reliability of the ……….
2. Cash and cheque received by post: To ensure that
cash and cheque received by post are accounted for and records in the book.
3. Cash sale and collection: To ensure that all the
cash from cash sales and collection which should be received is properly
accounted far and of properly recorded.
4. Payment in bank: Ensure that all cash and cheque
received are paid into bank with delay and accurately recorded.
5. Cash and bank balances: Establishment of cash
flows of specified account and locations recauncitiation of bank account by
independent responsible, afficer at prescribed frequently.
6. Cheque payment: To prevent unauthorized payment
being made from bank account control over custody and issue of cheque booklet.
7. Some control terms: These are the control
procedure that the management should be adapting in order to eradicate and or
minimize the effect of financial waste in the public sector, to ensure accuracy
and reliability of the accounting records and the promotion of policies
internal control system e.g. internal accounting control management control and
internal audit.
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