EFFECTIVENESS OF TAXATION IN NIGERIA IN COMPARISON WITH OTHER NATIONS OF THE WORLD
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
This study was carried out to examine effectiveness of taxation in Nigeria in comparison with other nations of the world. Survey research design was employed for the study and with the aid of convenience sampling method, 80 participant was selected as the respondent for the study. Well structure questionnaire was issued to the enrolled participants of which 77 of the instrument were retrieved and validated for the study. Data was analyzed in simple percentage using frequencies and tables. Hypothesis tested was conducted using Chi-Square Statistical Tool (SPSS v.2.3). Findings from the study revealed that Effective taxation can regulate or help in combating Inflation, regulate consumption and savings, helps in promoting economic growth and development and can aid government to provide social amenities. Futhermore the result of the study showed the similarities/differences between Nigeria taxation and other country such that in Nigeria Withholding Tax is paid as an advance payment of income tax which is the same in other country. However the rates differ based on self-assessment performed. More so, In both Nigeria and her counterpart, Company Income Tax is imposed on companies. In Nigeria the C.I.T rate is 30% of the total profit of the company while in U.S.A the rate is 25.7% Finally the study revealed that poor taxation system could have some implication such as reduction in the amount of public services supplied by the government and could as well threaten the government capability to finance public expenditure. The researcher therefore recommends that government should ensure the tax revenue generated from PPT and CGT be improved upon so that the revenue can be used in providing infrastructure for the citizens; government should use tax policy more as a macroeconomic policy not just as a tool for revenue generation as this will result to long run sustain economic growth and tax revenue.
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