The research is value added tax in Nigeria, problems and prospects. The aim is to know the problem of VAT in Nigeria and since its inception, the benefit it has generated.
The objective of the study includes determining the process of VAT collection and its problems ad prospects and to identify the steps and manner taken to control the scheme through years. To identify the effect of VAT in the economy.
In the hypothesis the following is used as a guide for the entire study.
1.There is no significant difference between form revenue from Vat and for sales tax.
2.There is no significant difference between revenue from Vat and total income from government.
3.There is no significant change in price as a result of the introduction of VAT.
The research methodology is descriptive, the research approach is based on research questions which have influenced the data generated and the pattern of descriptive analysis presented.
The research analyzed the data collected based on the response that would be realized from the questionnaire, distributed and the three hypothesis formulated for the study.
The major findings of the study will include.
(1)Official as well as Vat payers reveal that the correct pad and VAT is fair enough in relation to its effect of the individual as well as on revenue generation of the federal government.
(2)It was found out that the functions performed by the agents in the process of VAT is very crucial.
(3)The researcher identifies the problems of VAT which invariable hinder its smooth operation. This problem include unfamiliarity with the citizen, over expectation.
(4)However, the study will show that up till its second year of operation, the VAT has been performing more than expectation and invariable opened up a new channel for revenue generation for the federal government.
(5)Based on the findings, the study concluded that the government and the Federal Inland Revenue will do a nice job in seeing the successful implementation of VAT over the years it has been in operation. The VAT collection has really shown its capacity to meet up with the expectation by ensuring that the VAT revenue projection would be attained in each year it has been operated.
TABLE OF CONTENTS
CHAPTER ONE
1.1Background of the Study 1
1.2Statement of the Problem 8
1.3Purpose of Study 10
1.4Research Question 11
1.5Hypothesis 12
1.6Objective of the Study 12
1.7Significant of the Study 13
1.8Limitation of the Study 13
1.9Definition of Terms 14
Reference 16
CHAPTER TWO
Literature Review 17
2.1Historical Review 17
2.1.1VAT in Nigeria 19
2.2Features of VAT 21
2.2.1Meaning of Vat 21
2.2.2Definition of VAT 22
2.2.3Workability 22
2.2.4Effects of Vat on the economy 29
2.2.5Advantages of VAT 34
2.2.6Problems of VAT 36
2.3VAT Administration and policy 40
2.3.1The VAT collection machinery in Nigeria 42
2.3.2The administration arrangement for VAT collection in Nigeria45
2.3.3Roles and obligations of agent in the collection of VAT53
Reference 56
CHAPTER THREE
Research Methodology 57
3.1Introduction 57
3.2Research and Sample Design 58
3.3Source of Data 59
3.4Population of the Study 59
3.5Data Collection method 60
3.6Method of data analysis 61
CHAPTER FOUR
Data analysis interpretation and presentation 63
4.1Introduction 63
4.2Analysis of data 64
4.3Summary &n
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