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Background to the Study
Taxes are levied by government to
raise revenue that will help in the administration of government-such as paying
salaries and allowances to civil servants. Revenue raised by taxation enable
the government to provide infrastructural facilities like schools, hospitals,
housing, roads, defence, law and order and other socio-economic and cultural
facilities1.
According to Feyikemi Balogun, Ajumogobia
and Okeke2, the issue of taxation is fast gaining relevance in the Nigeria
society in recent times as it has become a viable alternative source of
government revenue, a tool of social engineering and societal class structural
adjustment by the various tiers of government. Nigeria introduced the Valued
Added Tax Act in 19933 to impose and charge value added tax on certain goods
and services and to provide for the administration of the tax and matters
related thereto. Value Added Tax (VAT) was introduced by the Federal Government
of Nigeria in 1993 to replace Sales Tax. The aim was to increase the revenue
base of government and make funds available for developmental purposes that
will accelerate economic growth4. Propelled by the objectives of imposing tax
government at various levels device different methods of generating revenue in
other to attain and sustain its set objectives. The state governments in
particular are looking inwards towards taxation to augment the revenue received
from the federation account to meet their ever increasing capital and recurrent
expenditure. If only the government will judiciously utilize the revenue
generated from Value Added on goods and services the infrastructural position
of this country would have improved beyond what it is now.
TOPIC: AN EVALUATION OF THE SIGNIFICANCE OF THE VALUE ADDED TAX ACT IN REVENUE GENERATION IN NIGERIA
Chapters: 1 - 5
Delivery: Email
Delivery: Email
Number of Pages: 78
Price: 3000 NGN
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