ATTENTION:
BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW,
PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL PROJECT
COSTS N5,000 ONLY. THE FULL INFORMATION ON HOW TO PAY AND GET THE COMPLETE
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08168759420
IMPACT OF MULTIPLE TAXATION ON
BUSINESS SURVIVAL IN NIGERIA
ABSTRACT
Taxation is one of the major fiscal policies the government of any
nation such as Nigeria can use to achieve economic stability and in the
financing of capital expenditure. Various taxes are levied upon the income,
wealth or gain of an individual, family and business firm by the government for
the purpose or benefits of the general public.
Tax by a simple definition is a financial charge or other levy imposed
upon a tax payer which could be an individual or a legal entity from the point
of view of the student researcher by a state such that failure to pay is
punishable by law. Thus, taxation cannot be regarded as a voluntary payment or
donation but an enforced contribution exacted pursuant to legislative
authority. In modern taxation system such as Nigeria, taxes are levied, in
money which could be use for myriads of functions or purpose such ay a
expenditure on public order, protection of lives and property, economic
infrastructure cures such as roads, public works,
social engineering and the operation of
government itself (Carrol, et al 2000).
The taxes collected by the government no doubt emanate from
varying sources ranging from personal income tax, company income tax, capital
gain tax, property tax, education, tax, task but to list a few.
The Nigerian government in attempt to raise revenue and
enhance the economic development of Nigeria has subjected many firms to
multiple taxations which they are mandated or made compulsory to pay
irrespective of the sector the business firms operate or else take the wrath of
the law A survey carried out by the Manufacturers Association of Nigerian
(MAN1) and (Centre for International Private Enterprise ICIPE) identified
multiple taxation as the bane of private sector business growth in Nigeria
(Anyamvu, 2012). The survey established the
relationship between multiple taxations in the pilot state across the three
tiers of government and re-affirmed its negative effects to private sector
growth and businesses in Nigeria.
According to the survey, it was established that multiple
taxation could lead to divestment as well as jeopardize foreign direct
investment coming into Nigeria, while adversely affecting the Competitions of
existing businesses and their survival, Moreover it was also
established that currently most businesses in Nigeria consider the tax
environment as unfriendly and disincentive to business, stressing that it
engenders loss of man hour to both the government and private businesses.
According to Osagie (2012) tax environment in Nigeria
especially the policy on multiple taxation increases the cost of doing business
in the country. As a matter of fact, some business including manufacturing companies
have shut down production while in some cases, have relocated their factories
to other West African countries which are considered to be more investment
friendly. Against this back drop, this project examines the effects of multiple
taxation on business survival in Nigeria.
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