The increasing cost of running a government coupled with dwindling revenue has led various state governments in Nigeria to formulating strategies to improve their revenue. This project shows the impact of company income tax on revenue generation in Nigeria. The method used in collecting data for this research work is through primary, personal observation and secondary data as the major source of information.
The researcher administered the questionnaires randomly to the staff of Federal Inland Revenue Services, registered Company Income Tax agents and in some public places in Adamawa State. One hundred (100) questionnaires were generally administered to all the various respondents at the rate of one questionnaire per individual. The data collected were analyzed using simple percentage.
The analysis revealed that there is no any marked difference in the various respondents’ general perception of Company Income Tax on government revenue generation and its impacts on living condition of people in Adamawa State. Therefore, based on the findings, the study recommends among others that; the government agency responsible for the collection of companies income tax, the Federal Inland Revenue Service (FIRS) should work in liaison with the Commission (CAC) to ensure that all companies registered in Nigeria i.e. Foreign and Domestic meet their tax obligations to the nation.
Table of Contents
1. INTRODUCTION
1.1 Background to the Study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Research Questions
1.5 Research Hypothesis
1.7 Scope of the Study
1.8 Definition of Key Terms
2. LITERATURE REVIEW
2.1 Introduction
2.2 Historical Background of Adamawa State
2.4 Concept of Taxation
2.5 Functions of a Tax System
2.6 Company Income Tax: The Economic Impact
2.7 Major Types of Nigerian Taxes
2.7.7 Taxation System in Nigeria; A Review
3. RESEACRH METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Population of the Study
3.4 Sample Size and Sampling Techniques
3.5 Sources of Data Collection
3.6 Instrument for Data Collection
3.7 Method of Data Analysis
4. DATA PRESENTATION AND ANALYSIS
4.1 Introduction
4.2 Data Presentation and Analysis
4.3 Findings and Discussion
5. SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary
5.2 Conclusion
5.3 Recommendations
5.4 Suggestion for further Study
Research Objectives and Key Topics
This study aims to evaluate the impact of company income tax on revenue generation within Nigeria, with a specific focus on Adamawa State, to determine its effectiveness as an instrument of fiscal policy and its influence on the living standards of the population.
- The role and contribution of company income tax to total government revenue.
- Challenges associated with tax assessment, including evasion and administrative issues.
- The relationship between taxation and price inflation in the local economy.
- Strategic improvements for tax administration and liaison between government bodies.
Excerpt from the Book
Company Income Tax: The Economic Impact
Company income tax is a tax which mostly affect income especially in a developing country. On the grounds of efficiency and equity, company income tax has been subjected to criticism, some proposed its abolition others felt that states rather than the Federal government should administer this tax. The companies income tax in as much as the government embarks on it has to have additional source of revenue generation, and should be administered with caution since it affects the desire and ability of people to invest.
In the United States where Nigeria draws substantial inputs on tax matters, the effect of the tax on companies income tax drives between the before tax and after tax rates of returns on investment. For example an investment which earns as 20 percent before tax returns yields a smaller after tax returns to the investor. The others is paid in taxes; because of this tax bite, some investments that would have been attractive are not undertaken. Despite this however, there is no solid evidence that the overall level of the United States investments have been discouraged because of the existence of tax.
Summary of Chapters
CHAPTER ONE: Provides an introduction to the research, outlining the background, problem statement, and the objectives aimed at assessing the impact of company income tax on revenue generation.
CHAPTER TWO: Reviews relevant literature on taxation concepts, the historical context of Adamawa State, and the overview of company income tax in the Nigerian legislative framework.
CHAPTER THREE: Details the research methodology, including the design, population, sampling techniques, and instruments used to collect primary and secondary data for the study.
CHAPTER FOUR: Presents the results of the data collected through questionnaires and interviews, analyzing the public and professional perception of tax impacts and rates.
CHAPTER FIVE: Summarizes the study findings, draws conclusions regarding the insignificance of current tax contributions, and offers recommendations for improving tax administration.
Keywords
Company Income Tax, Revenue Generation, Adamawa State, Federal Inland Revenue Service, Tax Evasion, Tax Administration, Fiscal Policy, Economic Development, Inflation, Taxation System, Public Revenue, Corporate Tax, Tax Reform, Investment, Government Expenditure.
Frequently Asked Questions
What is the core subject of this research?
The research fundamentally examines the impact of company income tax on government revenue generation in Nigeria, specifically focusing on its implementation and consequences within Adamawa State.
What are the primary thematic areas covered?
Key areas include the role of taxation in economic management, the effectiveness of existing tax laws, the challenges of tax evasion, and the perceived impact of taxes on consumer living conditions.
What is the main objective of this study?
The study aims to determine the proportion of company income tax contribution to total government revenue, evaluate the problems in its assessment, and suggest structural improvements.
Which scientific methods were employed?
The researcher used a combination of primary data through questionnaires administered to tax officers and agents, as well as secondary data from literature and existing governmental financial records, analyzed using simple percentage and statistical models.
What does the main body of the work address?
The body chapters detail the theoretical framework of taxation, the specific history and administrative structure in Adamawa State, and a comprehensive data analysis regarding the performance and public perception of the current tax system.
Which keywords define this work?
Central keywords include Company Income Tax, Revenue Generation, Adamawa State, Tax Evasion, Tax Administration, and Fiscal Policy.
Why did the study focus on Adamawa State?
The study uses Adamawa State as a case study to provide a localized analysis of how national tax policies are administered and received at the state and local government level.
What are the author's findings regarding inflation?
The findings suggest that while consumers and agents agree that taxes can lead to price increases, the majority do not believe that company income tax is the primary or major determinant of the high inflation currently facing the state.
What is the suggested recommendation for FIRS?
The study recommends that the Federal Inland Revenue Service should work in closer liaison with the Corporate Affairs Commission (CAC) to ensure that all registered companies fulfill their tax obligations.
- Arbeit zitieren
- Mivayi Japhet (Autor:in), 2015, Impact Of Company Income Tax On Revenue Generation Of Federal Inland Revenue Service (Msto) Yola, Adamawa State Nigeria, München, GRIN Verlag, https://www.hausarbeiten.de/document/370339
