ABSTRACT
This term paper is to find out how tax as a source of revenue to the federal government of Nigeria is being operated by the government. It is an attempt to highlight some of the major constraints in the process of assessment ad collection of taxes which at times leads to low revenue realization. The chapter one this work, will be dealing on the objective of study; importance of study; scope and limitations of the study; definition of terms. Further in chapter two, there will be definition tax; origin of tax; functions of tax. Finally, chapter three is a presentation of summary, conclusion and recommendation. The term paper when completed will help tax payer to understand the importance of tax.
TABLE OF CONTENTS
CHAPTER ONE
INTRODUCTION
1.1 OBJECTIVES OF STUDY
1.2 IMPORTANCE OF STUDY
1.3 SCOPE AND LIMITATION OF THE STUDY
1.4 DEFINITION OF TERMS
CHAPTER TWO
CHAPTER THREE
3.1 SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
3.2 FINDINGS
3.3 CONCLUSION
3.4 RECOMMENDATION
BIBLIOGRAPHY
CHAPTER ONE
INTRODUCTION
This term paper work among others is aiming at:
A. Improving on the techniques of assessment and collection of taxes in the federal government level. This is because, if the techniques are improved, the government will generate more revenue.
B. Examining the rate and contribution of taxation in economic development of federal government of Nigeria
C. Enumerating the problems confronting assessment and collection of taxes in federal level.
D. Offering useful suggestions on how to solve taxation problems
E. Suggesting the methods through which tax can be imposed to enable the citizens to the uses and the values of taxes they pay.
The study of this term paper when completed will help tax
payers to understand the essence of paying tax.
Income tax is one of the major sources of revenue allocation of the federal government in question. The taxes collected comes back to the tax payer inform of social amenities such as: pipe –borne water, electricity, health centres, building of markets, good roads etc.
All these are what they benefit from the tax they pay.
Also, income tax has social effects to the tax payers such as relief. The relief affects the social structure of tax payers in the federal government. The relief are - personal relief, relief in respect of children and tuition relief on insurance policy premiums and dependent relatives.
The government of Nigeria spends the money collected from income tax which has been imposed on determinate objects, or projects such as justice etc. Some of the revenue collected from taxes are usually distributed as part of old-age pension for or in payment of sickness benefit to workers.
Taxation is very important to government when tax revenue is increased, through an increase in the height of income tax. Then the presumption is that part of the increased revenue will be used to finance a large volume of services of the indivisible type and some part will be used in the payment of money benefits to its dependant in order to increase their consumption.
Tax revenue helps the federal government to generate large revenue needed for their development, so as to remain independent of other minor sources of revenue by providing themselves with those economic factors which are the responsibility of the individuals.
Some of these economic factors are: agriculture, adult education, building of roads etc.
The study will be to an extent to serve as a document which future research students can refer in carrying out their research and how to get about studying them.
Finally it also tries to make recommendations of which when implemented may challenge, expose and most importantly encourage both sides.
The term paper is about tax as a source o revenue to federal
government of Nigeria. The work was conducted by contracting tax payers which comprises; office workers, petty traders and the federal inland revenue hoping that whatever information obtaining from them are assumed to be the same in al other area.
This study will guide answers to the meaning o taxation as a revenue generate to the federal government of Nigeria. Much attention will be gives to the roles of tax to the economy. Some of the factors which militates against tax are identified and solutions and recommendation will be given to all the above problems with a view to curtail them or stopping them entirely. This work is also based on moral in the view, observations, answers from comprehensive questionnaires and comparism between what is laid down in the top and what is in operation.
However, the work has been done not without some limitations. The researcher was confronted with some inhibiting factors during her time fo study, such as; limited time during the period of study, in addition to this, she was faced with other problems such as attending her lectures, preparing for the forthcoming final examination for Ordinary National Diploma.
Even financial constraints.
Many writers define tax in different ways according to Ducan
Block 1939; “Tax is the process by which a person hands over a portion of his income to the government on his own account”.
J.M. Smith and K.F. Shouson defined it as a distribution of profit between the government unit and the own of the business.
The writer sees it as the process by which communities or groups of persons are made to contribute part their income, in an agreed quantum and method for the purpose of the administration and development of the society. This why it is often referred to tax as a civic obligation.
Tax is a compulsory levy which government of every country imposes on the individuals and companies for the purpose of providing social welfare of the people.
Other terms used in the write up are: direct taxes, they are taxes levied on the income and property of individuals.
Indirect taxes are imposed on goods and services. Those who pay such taxes are not usually aware of its immediate effects.
Progressive tax – it is a system in which as one’s income rises, a higher percentage of additional naira is taxed.
Repressive tax – it is system of tax in which the more money you earn, the less the percentage paid as tax.
Proportional tax – a tax is said to be proportional when the tax rate remains unchanged for each unit of the tax base.
Tax avoidance – this is a situation where people avoid tax liability by taking advantages of loopholes in the tax laws.
Tax evasion – it is cheating and fraud of various kind, but also those who fail to comply with the law due to ignorance, under or over statement of expenses and relief, misunderstanding of the regulations.
Personal Income Tax – This is a types of taxation that is levied on an individual’s income earned during a certain period of time usually a fiscal year.
There is another important definition of tax from Okorie Onovo who defined tax as an impost by a state on persons who are resident or who earn income within the state.
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