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THE IMPACT OF TAXATION
ON INVESTMENT DECISION OF LIMITED LIABILITY COMPANIES
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The Institute of Chartered Accountants of Nigeria (2006) and
the Chartered Institute of Taxation of Nigeria (2002) defined tax as an
enforced contribution of money to government pursuant to a defined authorized
legislation. In other words, every tax must be based on a valid statute tax can
be imposed…TAXATION
To a great extent, taxes influence investment decision in the
economy. Decision makers must cope with the complexity of existing tax system.
They might be inclined to ignore complicated tax features and rely on statutory
tax rates, Azubike (2009). Hence, they may make wrong decision with respect to
taxes.
According to Devos (2010), a promising way to deal with the
complexity of taxes that does not ignore the most important features of tax
system beyond statutory tax rates is to use effective tax rates. Effective tax
rates comprise the most important elements of a tax system. Such rates are
useful for policy makers as well as for business managers, who demand condensed
but sophisticated information on investment tax burdens, Devos (2010).
However, investment decision often concern inframarginal,
profitable investments. For instance, a multinational corporation would expect
to earn an economic rent when deciding the location of a new plant, Abiola
& Moses (2012).
Therefore, the research focuses on technical and practical
issues inherent in the measurement of effective tax burdens in Nigeria…TAXATION
1. 2 STATEMENT OF THE PROBLEM
Measuring the effective tax burden for the effective of
taxation on investment decision required a standard measure in order to
separate the effects that stem from the statutory tax rate (and the interplay
of personal and corporate taxes) and the effects that are attributable to the
legal tax definition of the tax. In the case of a uniform proportional income
tax, this standard measure is well known. The effective tax burden on a
marginal investment is equal to the statutory tax rate on interest payment once
the allowance for each period follow the change in the earnings capacity value.
This result is valid only under several restrictive assumptions, the most
important of which is the existence of a perfect capital market under
certainty.
Therefore, the problem of improper measurement of effective
tax burden on profitable investment, which is effective average tax burden
needs to be addressed.
1.3 OBJECTIVES OF THE STUDY
The objectives of the study are to find out the following:
i) To examine the impact of taxation on investment decision
on limited liability company.
ii) To determine the variables that impact on the burden of
effective tax investment decisions of Limited Liability Company in Nigeria.
iii) To examine the effects which tax influences investment
decision in Nigerian Bottling Plc, Uyo.
iv) To find out the problems associated with tax on
investment decision of Limited Liability Company.
v) To make useful recommendations and suggestions based on
research findings.
1.4 RESEARCH QUESTIONS
i) Does the effects of taxation influences investment
decision in Nigerian Bottling Plc, Uyo?
ii) Does the variables used in taxation impact on the burden
of effective tax investment decision of Limited Liability Company?
iii) Is there any problems associated with taxation on
investment decision of Limited Liability Company?
iv) Does taxation have any impact on investment decision in
Nigerian Bottling Plc?
1.5 RESEARCH HYPOTHESES
Hypothesis 1
H0: The effects of taxation do not influence investment
decision in Nigerian Bottling Plc, Uyo.
H1: The effects of taxation do influence investment decision
in Nigerian Bottling Plc, Uyo.
Hypothesis 2
H0: The variables used in taxation impact does not bring
burden for effective tax investment decision of Limited Liability Company.
H1: The variables used in taxation impact do bring burden for
effective tax investment decision of Limited Liability Company.
1.6 SIGNIFICANCE OF THE STUDY
This study is significance in the following ways:
It would provide the necessary information about taxation on
investment decision to the staff and employees of Nigerian Bottling Plc, Uyo.
It would also help potential investors to remedy the problems
associated with taxation of corporate income.
It will provide the management of Nigerian Bottling Plc on
how to use it as a guide for effective implementation of investment decision
policy.
Finally, it would serve as a resource to students and other
researchers who might want to carry out their research on similar topic.
1.7 SCOPE OF THE STUDY
The study centers on the impact of taxation on investment
decision of Nigerian Bottling Plc, Uyo as a Limited Liability Company.
1.8 LIMITATION OF THE STUDY
The limitation to this study was inability of management to
divulge certain information which they consider sensitive and fear of
publication which might be detrimental to their operation.
Another limitation to the study is time constraint. The
period within which the study is conducted is short for a thorough research
work, hence gathering adequate information becomes very difficult.
Also, finance is one of the limitations to the study. They
researcher facing financial constraints to meet all the needed educational
requirements including this research work. This caused the researcher to
restrict his research work to one company for possible completion of the study.
Finally, lack of materials on the topic, therefore the
researcher resolved to seek friendly approach in order to obtain the needed
materials or information from the establishment or organization under study
through the administration of questionnaire.
1.9 DEFINITION OF TERMS
a) TAXATION: This is the process of levying and collection of
tax from taxable persons (Soyode & Kayola, 2006).
b) INVESTMENT: These involve the sacrifice of current
consumption opportunity in order to obtain the benefits of future consumptions
possibilities (Kane, 2004).TAXATION
c) IMPACT OF TAX: This means the initial resting place of the
tax (Ojo, 2003).TAXATION
d) TAX: This is defined as an enforced contribution of money
to government pursuant to defend authorized.
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