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Companies Income Tax and the Nigeria Economy; Challenges and Prospects

Companies Income Tax and the Nigeria Economy; Challenges and Prospects

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DEDICATION

This research material, titled “Companies Income Tax and the Nigeria Economy; Challenges and Prospects” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Economics for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on Companies Income Tax and the Nigeria Economy; Challenges and Prospects provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



ABSTRACT

The major objective of this research is to explore the relationship between company income tax in Nigeria and economic development of the Nation. The researcher proposed three hypotheses towards addressing the study’s objectives and both primary and secondary sources of data are used in generating the necessary data for that purpose. These data are presented and analyzed by the use of tables, chi-square and regression model of analysis. The findings reveal that there is a significant relationship between companies’ income tax in Nigeria and economic development of the Nation and that tax evasion, tax avoidance and corruption are major hindrances to revenue generation.

The study also reveal that perceived government failure to effectively provide basic infrastructural facilities discourages companies from willingly complying with their tax obligations. In furtherance to the above findings, the researcher recommends that government should provide conducive business environment for the revamping of businesses in the various industries of the economy to further increase companies’ income tax revenue generation. Government should make judicious use of tax revenue for economic development of the Nation, provide infrastructural facilities that will improve the welfare of the general populace and alleviate companies extra expenditure on such facilities.


Companies Income Tax and the Nigeria Economy; Challenges and Prospects

CHAPTER ONE

1.1 Background Of Study

This part of this research material is available in the paid version

1.2 Statement Of Problem

Companies’ Income tax is an essential structure in the Nigerian tax system. It also contributes astronomically to the total revenue generated by the government. Tax revenue mobilization as a source for financing development activities in Nigeria has been a difficult issue primarily due to the indulgence by companies and individuals in various forms of resistance such as pronounced tax invasion, Tax avoidance and other corrupt practices. Other problems militating against the efficient and effective revenue generation through company income taxation include;

Non compliance by companies to relevant tax laws.

In efficient poor tax administration in Nigeria company income tax structure. (Adegbie and Fakile, 2011).
More so, companies and individual see companies income tax as an undesirable imposition which bears no relationship on the service provided by the state.

About 80% of companies in Nigeria provides their electricity, security and other amenities needed. Lastly, the tax administration is full of loopholes that even the people in charge of tax administration cannot be trusted any more, (Adegbie and Fakile, 2011).

1.3 Objective Of Study

The main aim of this study is to;

  1. Explore the relationship between companies income tax in Nigeria and economic development of the nation.
  2. Determine the relationship between tax administration and revenue generation in the system with a view to addressing tax invasion and avoidance.
  3. Identify the administrative loopholes in the machinery of company income tax.
  4. Examine if governments ineffectiveness in providing basic infrastructural facilities discourages companies from complying willingly with their tax obligation.

1.4 Research Questions

  1. Is there a positive relationship between companies’ income tax and economic development in Nigeria?
  2. To what extent does tax evasion and tax avoidance affect revenue generation in the system?
  3. Are there administrative loopholes in the machinery of companies’ income tax in Nigeria?
  4. Does government’s ineffectiveness in the provision basic infrastructural facilities affect companies’ willingness to comply with their tax obligations?

1.5 Research Hypothesis

For the purpose of this research work, the following hypothesis has been developed:

  1. Ho: Companies income tax has no positive impact on the economic development of Nigeria.
    Hi: Companies income tax has a positive impact on the economic development of Nigeria.
  2. Ho: Tax avoidance and tax evasion does not affect the quantum of revenue generated in Nigeria.
    Hi: Tax avoidance and tax evasion affects the quantum of revenue generated in Nigeria.
  3. Ho: Government’s effectiveness in the provision of basic infrastructural facilities do not affect companies’ willingness to comply with their tax obligations.
    Hi: Government’s ineffectiveness in the provision of basic infrastructural Facilities affects companies’ willingness to comply with their tax obligations.
…

CHAPTER TWO

2.0 Literature Review

2.1 Introduction

This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the conceputal review, theoretical framework, the review of related literature …

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Defense Procedure for Economics Researchers

In preparation for defending a project or seminar on Companies Income Tax and the Nigeria Economy; Challenges and Prospects, it is imperative that as a nursing student, you demonstrate comprehensive knowledge of your research. The defense process is structured to include presenting your work, answering questions, and illustrating its pertinence. Initially, provide a succinct yet thorough introduction to your research topic, emphasizing its importance and the objectives, ensuring that both the audience and the External Examiner can understand the scope of your study.

Prior to your defense, be thoroughly acquainted with your research abstract and the critical elements of Chapter One, including motivation for embarking on this research, problem statement, objectives, and significance. In Chapter Two, be ready to cite at least two references from the literature review. For Chapter Three, you should be equipped to discuss the methodologies, tools, and techniques utilized. In Chapter Four, defend your research by justifying the findings and linking them to your research objectives.

Conclude your defense by succinctly summarizing the study and offering insightful, evidence-based recommendations. A professional dress code, such as wearing a suit and tie, is vital to create a favorable impression and elevate your presentation.

During the question and answer segment, the External Examiner may pose questions pertaining to your research. If confronted with a challenging or irrelevant question, respond diplomatically with, “Sorry, Sir/Madam, the question asked is beyond the scope of my study.” Whenever possible, direct your answers back to your research findings to reinforce your expertise.

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