Impact Of Taxation As An Aid To Economics Development In Edo State

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Impact Of Taxation As An Aid To Economics Development In Edo State

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PROJECT TOPIC AND MATERIAL ON IMPACT OF TAXATION AS AN AID TO ECONOMICS DEVELOPMENT IN EDO STATE

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  • Name: Impact Of Taxation As An Aid To Economics Development In Edo State
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CHAPTER ONE

INTRODUCTION

1.1     Background to the Study

In every economy, revenue mobilization and allocation is an essential pre-requisite of the development process. All the three tiers of government (Federal, State and Local Government) need to plan for the future. They need an instrument like taxes that will assist them generate revenue to finance developmental activities such as provision of education, roads, pipe borne water, good health etc.

The Institute of Chartered Accountant of Nigeria (2006) and the Chartered Institute of Taxation of Nigeria (2002) defined tax as an enforced contribution of money to government pursuant to a defined authorized legislation. In other words, every tax must be based on a valid statute. Without a valid statute no legitimate tax can be imposed. The income tax is levied on incomes such as salaries, business profits, interest, dividends, commissions, royalties and rent. It may also be charged on capital gains and petroleum profits. Taxation yields very substantial revenue to government. Therefore, it has a bearing on the Gross Domestic Product (GDP) which is the standard indicator for measuring the economic wellbeing of a nation. The nature and level of taxes vary according to the economic policies adopted by the government of the day.

A tax is also defined by Ewa and Agu, (2008) as “a compulsory payment made by each eligible citizen towards the expenditure of the state”. Tax revenue is one of the most productive source of revenue, hence most government rely on it solely as the main source of revenue accumulation. A tax is levied by government without regard to the specific personal benefits that individual taxpayers may receive from taxes they have paid.

In Nigeria tax is levied on the authority of the Federal Government Income Tax Management Act 1961 and subsequent amendments including- The Finance (miscellaneous Taxation Provision) Decree 1992 and Finance (miscellaneous) Decree 1997 and1998. Recently the Nigerian government undertook various tax law reforms to improve tax administration and to increase tax yield. The Value Added Tax (Amendment) Act, 2007, was for instance intended to widen the value added tax base and improve machinery for its collection. Similarly the Company’s Income Tax (Amendment) Act 2007; the Federal Inland Revenue Services (Establishment) Act, 2007 and The Personal Income Tax (Amendment) Act 2011, were all aimed at encouraging tax compliance and increasing tax yield (Aguolu, 2010).

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