CRITICAL ANALYSIS OF PERSONAL INCOME TAX AS A TOOL TO ECONOMIC DEVELOPMENT A CASE STUDY OF BOMADI LOCAL GOVERNMENT AREA

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CRITICAL ANALYSIS OF PERSONAL INCOME TAX AS A TOOL TO ECONOMIC DEVELOPMENT A CASE STUDY OF BOMADI LOCAL GOVERNMENT AREA

TABLE OF CONTENTS

Title i

Certification ii

Dedication iii

Acknowledgement iv

Table of contents v

Abstract viii

CHAPTER ONE – Introduction

Background of the study 1

Statement of the study 1

Objective of study 2

Scope of the Study 3

Significance of the Study 3

Research Question 4

Limitation of study 4

Definition of terms 4

CHAPTER TWO – Review of Related Literature

Introduction 6

Historical Background of the Nigeria Tax System 6

Review of some major Nigeria Tax System 8

Problems of Collecting Tax Revenue in Nigeria 9

Direct Assessment 9

Administration of Personal Income Tax in Nigerian and

Legal Basis 10

Composition of the Administration of Tax Authority 11

CHAPTER THREE – Research methodology

Introduction 15

Research Design ` 15

Population of the study 15

Sampling Technique 15

Sampling Size 16

Research instrument 16

Questionnaire Design 16

Administration of Questionnaire 16

Reliability and Validity of Research Instrument 17

Method of data Collection 17

Method of Data Analysis 17

CHAPTER FOUR – Presentation and Data Analysis

Introduction 18

Analysis of Personal Data 18

Analysis of Research Question 20

CHAPTER FIVE – Summary, Recommendations, Findings, and Conclusion

Summary 27

Findings 29

Recommendations 30

Conclusion 30

Bibliography 32

Appendix A 33

Questionnaire 33

ABSTRACT

The Critical Analysis of Personal Income Tax as a Tool for Economic Development, being a project topic, was discussed using Bomadi Local Government Area as a case study. The main objective of this project is to examine the objectives of individual taxes and the relevance in macro economic of Nigeria. In achieving the objectives of this topic various methods of data collection were used, which includes the use of questionnaire and interview. Theoretical analysis of a lot of findings. Having done series of analysis, recommendations were made that those people in the age between 18-39 years are to be given some tax relieve in order to encourage them for tax payment. While those of age between 40 and above are to be given incentives. And the use of appropriate tax agent should continuously be encouraged.

CHAPTER ONE

INTRODUCTION

Background of the Study

A taxpayer paying his tax regularly should see it as an essential sacrifice one can make towards the upliftment to his county’s economy. Revenue accrued from government to discharge it enormous responsibilities, which include uses taxes: execution of capital projects, National defense, administration of law and order, settlement of recurrent expenditure etc. Eligible taxpayers should therefore pay their tax to enable government acquire the human and material resources.

For the purpose of the study, the researcher would be concern with the Nigerian Economic Development Revenue in this modern Nigeria. Different tax law under the administration of some organized and well constituted bodies regulate these taxes.

These tax laws are reviewed from time to time in Nigeria. They include, Income Tax Management Act (ITMA) 1961, Companies Income Tax Act (CITA), which was established by section 37 the Tax Management Act of 1962, was charges with the duty of initiating and administering tax laws.

Statement of the Problem

There is no tax system practiced in the world that can succeed without the cooperation of the taxpayers. In most developed countries like USA, England etc, the idea of paying taxes to government is very welcome. Unfortunately, the reverse is the case in developing countries. In Nigeria (irrespective of the state) for instance, the issue of taxation is regarded by many as a means by which the government arbitrarily and exploitatively raises revenue. The question that could be asked includes;

What makes taxation a difficult issue?

Why are people reluctant to pay their tax liabilities?

How can the contribution of taxes towards the economic development of Nigeria be assessed?

In this research work, the researcher will also focus on the problem that may have affected the successful operation of tax system in Nigeria and the recommendations for active and efficient operation of the tax system in Nigeria.

Objectives of the Study

The objectives of this study is trying to:

Examine the objectives of individual taxes and their relevance in the macro-economic of Nigeria.

Assessing the contribution of the various taxes towards the development of Nigeria economy.

Exposing the problems that may have affected the successful operation of the Nigeria tax system.

Making recommendations for effective and efficient operation of the Nigeria tax system.

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