EFFECT OF TAXATION ON THE ECONOMIC DEVELOPMENT OF EDO STATE (A CASE STUDY OF IKPOBA OKHA LOCAL GOVERNMENT AREA OF EDO STATE)
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EFFECT OF
TAXATION ON THE ECONOMIC DEVELOPMENT OF EDO STATE
(A CASE
STUDY OF IKPOBA OKHA LOCAL GOVERNMENT AREA OF EDO STATE)
ABSTRACT
The study
investigated the effect of taxation in Ikpoba-Okha Local Government Area of Edo
State. The objectives of the study are: To identify the various types of
tax, To analyze the revenue generated by
the government from taxation 2002-2005 in Ikpoba-Okha Local Government Area of
Edo State, To evaluate the effect of taxes on the economic development of state
from 2002-2005. To offer suggestion for overcoming some of the problems
attributed to collection of taxes. To highlight the benefits that will be
derived from the revenue generated from taxation. The population used for this
study was questionnaire to elicit information from the respondents. The
findings of the study are: effect on demand, effect on price level, effect on
employment. As a result of the findings derived for the following
recommendations.
TABLE OF
CONTENTS
CHAPTER
ONE
Background of the study
Statement of the study
Objective of the study
Research of the study
Significance of the study
Scope of the study/limitation
Definition of terms
CHAPTER
TWO
Review of
related literature
CHAPTER THREE
Research
methodology
3.1
Population of the study
3.2 Sample
and sampling techniques
3.3
Instrument
3.4
Validation of instrument
3.5 Method
of data analysis
CHAPTER
FOUR
Data
presentation and analysis
CHAPTER
FIVE
5.1 Summary
of finding
5.2
Conclusion
5.3
Recommendation
REFERENCES
QUESTIONNAIRE
CHAPTER ONE
INTRODUCTION
BACKGROUND
TO THE STUDY
Taxation can
be defined as the money composed by the government on her citizen in order to
generate fund so as to meet its expenditure. Taxes are levied so as to
accomplish some of nation economic objective of the society. Tax can be a major
subject of political controversy throughout history even though they constitute
a sizeable share of national income. Introduction of taxation in Nigeria was
dictated by the financial need of its colonial administration. Custom duties
are against direct taxes were first introduced in southern Nigeria, the
northern territory was a convenient place to experiment the system of direct
taxation because, the people of the area were used to payment of taxes under
the Fulani administration direct taxation was introduced in Ikpoba-Okha Local
Government Area of Edo state introduced in the north in 1904.
After the
amalgamation of northern and southern Nigeria in the year 1914, taxation was
also introduced in the western part of Nigeria. The Yoruba and the Binis who
are predominant in the area already had well established tax system of
taxation. Tax differs from other sources or forms of revenue in that they are
compulsory levies and unrequired that is, they are not paid in exchange for
some specific things such as sales of public property or the issues of public
debt while taxes are presumable collected for the sake of the welfare of tax
payer in independent on any benefit received. They are important exception to
this characterization. Payroll taxes are commonly levied on labour income in
order to finance retirement benefits, medical payment and other social l
security programme.
Taxation
includes custom duties, excess duties, purchase tax, income tax, cooperation
and proportional tax and fiscal policy. This is to generate revenue to the
government pursuit. No nation can do well without funds, tax is one of the main
source of income for the government, when the national income of a country is
high, the per capital income or income per head will also be high. Consequently
such a country individual or citizen will enjoy better standard of living. This
can lead to economic growth and development. The direct and immediate effect of
direct taxation is reduction in income of the person on whom it is levied. This
is to say that the higher the personal or company tax, the lower will be the
retained income consequently, the lower the possibility of saving. Uniamakogbe
(2006).
Taxation is
very important for the economic development of Edo state and Nigeria in
general. In the area of social infrastructure like, building of schools,
provision of electricity, construction of roads e.t.c. The effect of taxation
on the economic development of Edo state and Nigeria in general cannot be
ignored because taxation reduces the purchasing power of the tax payer, it also
lead to monopoly, finally it narrows the choice of goods in the economy.
1.2
STATEMENT OF PROBLEM
It has been observed that the word
declaration of income is very rampant among self employed citizens.
There has been general ignorance of tax
and therefore, the essentiality of tax payment is not clear to most of the
citizen and government in ikpoba-okha local government area of Edo state.
There are
divergent views on the roles of tax payment as it affects economic development.
This study is an attempt to investigate and its effect on development.
1.3
OBJECTIVE OF THE STUDY
The objective is aimed at studying
the effect of taxation on economic development of ikpoba-okha local government area
of Edo state0.
To achieve these, five specific
objectives are set out as follows:
To identify the various type of tax
To analyze the revenue generated by the
government from taxation 2002-2005 in Ikpoba- Okha Local Government Area of Edo
State.
To evaluate the effect of taxes on
economic development of the state from 2002-2005.
To offer suggestion for overcoming some of
the problems attributed to collection of taxes.
To highlight the benefits that will be
derived from the revenue generated from taxation.
1.4 RESEARCH
QUESTIONS
1. Does
taxation have effect on economic development in Ikpoba- Okha Local Government Area of Edo State?
2. Does
taxation make people to declare wrong information about their salaries and wages
in Ikpoba-Okha Local Government Area of Edo State?
3. Does taxation help government in the
provision of social amenities in Ikpoba-Okha Local Government Area of Edo
State?
1.5
SIGNIFICANCE OF THE STUDY
The study is to provide information on how
money generated from taxation is being used for social amenities and road
maintenance. In addition, relevance to government institution, stakeholders,
revenue bodies and research centres.
1.7
DEFINITION OF TERMS
Direct tax:
These are taxes levied directly on the income of an individual and business
firm.
Indirect
tax: These are taxes levied on goods and services.
Custom
taxes: These are taxes imposed on goods sold to other countries.
Fiscal
policy: It is the use of government tax
and expenditure policies to influence the level of economic activity.
Progressive
tax: It is a compulsory tax country imposed on an individual according to his
ability. Example is P.A.Y.E. (pay as you earn).
oes taxation bring about development? Yes (
) No ( ).
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