ANALYSIS OF THE IMPACT OF VALUE ADDED TAX (VAT) ON NIGERIA ECONOMY. (A STUDY OF FEDERAL INLAND REVENUE SERVICE)
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ANALYSIS OF THE IMPACT OF VALUE ADDED
TAX (VAT) ON NIGERIA ECONOMY. (A STUDY OF FEDERAL INLAND REVENUE SERVICE)
ABSTRACT
The
objective of this research work is to analyze the impact of value added Tax
(VAT) using Federal Inland Revenue Service as a study. The objective of this
study include the following: to determine whether there is significant
relationship between valued added tax and the Federal generated revenue; to
determine the impact of value added tax on prices of goods and services. The
research methodology involves survey method of sample size of 52 and use of
questionnaire with chi-square to test the hypothesis which led to the following
findings; that VAT as non-oil revenue increases the government revenue on total
revenue with better percentage and this reduces the dependence of government on
oil revenue. Based on these findings, we recommended that the statutory
provisions and amend all faces or areas of laws that could be subject to
multiple interpretations. The staff should be with remunerated with up to date
incentives and working benefit to avoid the act of conniving with VAT payers.
TABLE OF
CONTENTS
Chapter One:
Introduction
1.1 ....
Background of the Study
1.2 ....
Statement of the Problem
1.3 ....
Objectives of the Research Study
1.4 ....
Research Questions
1.5 ....
Research Hypothesis
1.6 ....
Significance of the Study
1.7 Scope and limitations of the study
1.8 ....
Historical Background of Federal Board Inland Revenue
1.9 ....
Definition of Terms
Chapter Two:
Literature
Review
2.1 Introduction
2.2 Genesis of value added Tax in Nigeria
Economy
2.3 The objectives and advantages of value
added Tax
2.4 types of value added Tax in Nigeria
Economy
2.5 An overview taxable goods and services in
Nigeria Economy
2.6 Value added Tax exemption in Nigeria
Economy
2.7 Determination of values of taxable goods
and services
2.8 The assessments of the value added tax
(VAT) in Nigeria Economy
Chapter
Three:
Research
Methodology and Design
3.1 ....
Introduction
3.2 ....
Research Design
3.3 ....
Population of the study
3.4 ....
Sample and sampling method
3.5 ....
Sampling Technique
3.6 ....
Restatement of research questions
3.7 ....
Data collection method
3.8 ....
Questionnaire design
3.9 ....
Method of data analysis
Chapter
Four: Data Presentation and Analysis
4.1
Introduction
4.2 Data
analysis and questionnaire
4.3 Test of
hypothesis
Chapter Five:
Summary of Finding, Conclusion and Recommendation
5.1 Summary
of Findings
5.2
Conclusion
5.3
Recommendation
Bibliography
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
The essence
of value Added Tax (VAT) In Nigeria in 1994 was to boost the revenue base of
the government, re-activate the economy and as possible- reduce the poverty level
by appropriately reallocating resources from personal and private sections to
promote growth and development. The adoption of this form of consumption tax
was also necessitated by the decline in the oil revenue due to fluctuations in
the price of oil in the international market, which makes the oil revenue
insufficient to run the affairs of the government similarly the present non-oil
revenue Sources mainly taxes are not enough to meet public needs, as
expenditure continue to rise. Custom duties, which used to be an important
source of government revenue in the 80's have dwindled significantly.
However,
custom duties provided 75 percent of Federal receipt in 1994 but decrease to 19
percent in 2003. Company income tax, which accrued to 32 percent of federally
collected revenue in 1994 fell to 5 percent in Nigerians pay tax 50
increasingly. The bull: of the self-employed traders, farmers and businessmen
evade taxes and would only pay flat rate levies when compelled
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