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Tax Management and Revenue Generation (A Case Study of Anambra State)Project / Seminar Material Reference ID: PS-37-TM |
This research work titled "Tax Management and Revenue Generation (A Case Study of Anambra State)" is dedicated to God for his enabling grace and to all computer enthusiasts who help to make life a pleasant experience.
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I owe my indebtedness to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Accountancy / Accounting, Book Authors and Profound Scholars of existing/related research work for your moral support that facilitated the successful completion of my (Tertiary Institution level). I am grateful to God Almighty and my parent for their financial support in my career. I really appreciate you all for everything, Thank you very much.
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REFERENCES
APPENDIX A - “QUESTIONNAIRE”
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This study was set to determine the impact of good tax management on revenue generation in Anambra State, using Orumba south Local Government Area as the area of study. The study was necessitated by the increasing financial burden on the government at levels occasioned by the surging need to provide social services and infrastructural development for the governed. To accomplish the objective of the study, the researcher has reviewed the opinions of established authorities on the subject matter of study. Well- structured questionnaires were used to elicit information from respondents forming the sample of study. Data were collected using questionnaire and were analyzed using frequency tables and percentages. The analysis result revealed that; the tax system is designed and formulated to facilitate generation of revenue, tax system is planned to prevent evasion and avoidance of tax by citizens, in spite of the high demand for social services and infrastructural development, tax payers still avoid tax, and tax management in Orumba south L.G.A is effective and has resulted to increased generation of tax revenue. On the basis of the above findings, the researcher recommends that; the citizens should be sensitized on the need to pay their taxes as a civic responsibility, tax personnel should be persons of proven character, and Government should ensure stricter enforcement of existing tax laws to ensure compliance.
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The prime objective of every government is to maintain law and order, to provide and maintain basic essential services without which the community will be unimaginable and which by their nature cannot be left appropriately in the hands of private entrepreneurs. Such services include Internal Law and Order, Maintenance of National defense, provision of good healthcare system, educational system, transportation system, agricultural system etc. To cover the cost of providing these goods and services for the public good, government must generate financial and adequate revenues. The quest to governing meaningful financial resources has often led government to designing and administering some efficient and effective revenue generation systems. Primarily the main source of government revenue includes the following:
Amongst these sources, taxation (the demand made by the government of a country for a compulsory payment of money by the citizens of that country.) remains the most outstanding. This may be due to it being a civic responsibility that must be performed by the citizens of the state. As a non-penal by compulsory transfer of resources from the private sector, taxation must be levied on the basis of equity, certainty, convenience, economy and productivity. Unfortunately, taxes are not paid in exchange for specific things but are collected for the sake of public welfare and interest.
Government often uses various kinds of taxations to generate the required revenues. For instance, direct taxes which include personal income tax, often applied on employees, sole traders, partnership, capital gain tax on companies, individual and non- co-operate entities, capital transfer tax (applicable asset transferred from one person to another), purchase tax, petroleum profit tax, and company income tax has constituted a significant source of revenue to the government. Similarly, indirect tax, e.g. stamp duties, custom duties, industrial training fund, toll paid on federal highways, will have often enhanced government revenues.
The administration of tax in Nigeria is in the hands of three relevant tax authorities viz:
In Nigeria, persons liable to pay income tax include men, women, married or single, trustees and executors, families, villages and indigenous communities. Though government can also raise funds through natural resources such as oil, palm oil, coal and gas which are exported, those alternative sources of income to government are hardly enough to shoulder the burden of government expenditures, especially in the area of economic and social spheres in each year, hence the need for tax payment.
We must emphasize here that income Tax Law must be interpreted in strict- to- sensor. There is no equity in tax law. The tax payer must be brought within the letter of the law and rigid adherence is the rule. Nothing should be read in and nothing should be implied. The onus of bringing a tax payer into the tax net is on the revenue or assessment authority. Another important point to note is that tax is not imposed on person or individual. Section 4 (1) of ITMA 1961 states that “the tax shall subject to the provisions of this act, being payable for each year of assessment upon income accruing in derived form, brought or received in Nigeria. Studies have shown that in Nigeria, workers pay more than the rich people who invest in various proper ties such as building, transporters, etc as a result of ineffective administration of taxes. Yet those investors are the category of people who would want government to move mountains in terms of raising their socio-economic well being, without meaningfully contributing towards the funds.
Now that our various government are gearing efforts to revamping over bettered economy and improving the living condition of Nigerians, the need for the evolvement of more effective strategies to ensuring regular tax payment by taxable individuals need not be overemphasized. Taxable adults and organizations in various sectors of the economy must discharge their civic responsibilities. Unfortunately, this can only be achieved if tax systems are effectively administered so that people would in government revenue generation, willingly and without grudges pay their taxes. This will result to improvement in government revenue generation, hence the basis for this research study.
In developed societies, taxation is a sure, steady and main source of funds for social and economic development. This is because citizens of these societies are voluntarily committed to it. But in developing countries such as Nigeria, majority of the self employed people dread any mention of income tax. They see tax collection as nuisance in their life. Some take to their heels once a tax collector is sighted. In some case, they engage in physical combat with tax collectors.
Those who summon courage to pay, underpay their tax liabilities by resulting to false declaration of their income, yet absence of well audited financial statements to enhance proper assessment often compound the situation. Most traders, salaried persons are companies are guilty of this evil act. They device the means of evading appropriate payments by swearing false affidavits in a bid to collecting much tax- free income. This trend of event has often resulted to loss of tax revenues, which would have aided government in financing its expenditure. For instance, studies have shown that in 1986, then Imo state realized 73% of its total revenue projection from taxation for that year. In that same trend, the 1987 account of the state revealed a short fall of tax revenue of about 19.42% from three year's projected tax income to government.
In the light of these monumental failures on the part of government to meet its responsibility of providing adequate economic and social infrastructures to make life worthy of living, the researcher has beamed his search light on the management aspect of taxation in Anambra state, using Orumba south L.G.A as the case study. By determining the effect of tax management on revenue generation, the researcher hopes to contribute meaningful in assisting government improve the generation of its tax revenue. Several studies have been conducted on taxation and tax management, but none of these studies has been based on Orumba south L.G.A of Anambra state. The researcher's ability to do this constitutes the point of departure from others.
The aim of the study is to examine the Tax Management and Revenue Generation using Anambra State as a case study. In achieving this aim, the following objectives were set out as follows:
In accomplishing the objective of this research study answers would be provided to the following research questions:
In this research study, the researcher would through the review of related literature, establish a theoretical frame work of what effective tax management is all about. Such frame work if judiciously followed, will enhance generation of adequate tax revenue which has often eluded government. The significance of the study therefore is that;
This research study was conducted to determine the impact of good tax management on revenue generation in Anambra state using Orumba south L.G.A as the area of study. The result of the study will reflect the circumstances in terms of the subject matter of study will reflect the circumstances in terms of the subject matter of study in Orumba south and will only be generalized to cover other Local Government areas in Anambra State, having similar structures, infrastructural status and operation under the influence of similar environmental variables as Orumba South Local Government Area.
During the course of this study, many things militated against its completion, some of which are:
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 …
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Tax Management and Revenue Generation is a proposal topic for final year research work, which comprises the major and elective project proposal writing sections for Tax Management and Revenue Generation (A Case Study of Anambra State) research work.
Motivation for Embarking on the Project
Brief Background of Study
Statement of Problems
Aim of the Study
Specific Objectives of the Study
Significance of the Study (Who benefits from the project and how?)
Relevant Research Questions
Relevant Research Hypotheses
Know your Project / Seminar Work (Tax Management and Revenue Generation): Here are the key point to study if your work is cumbersome or not.
CHAPTER ONE
CHAPTER TWO
CHAPTER THREE
CHAPTER FOUR
CHAPTER FIVE
Dress Code: Your dress code should be cooperate wear for example; putting on suit and tie during project defense gives you an automatic mark without a word.
External Examiner / Supervisor Questioning & Student Answering: Questions will come from the research work, any difficult or unknown question, kindly say "Sorry Sir/Madam, the question is not within my scope of study".