Business Administration Research project Topic Chapter 1-5 titled – “An Appraisal Of An Effective Tax System (Assessment And Collection) In A Growing Economy“.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
A society comprises of the ruling authority and the ruled subjects. As a social contract them the ruler is expected to perform same roles, be it administrative, social, economic, political, cultural or religious in return. The ruled subjects that enjoy the benefits from those roles performance are to give something for keeping working this could be in cash or kind.
In light or the above, every constituted human society. Primitive or modern, needs fund this necessitates tax and taxation. Historical reviews of man and society review that tax exists as major source of revenue for government. More so all the religions in the world today encourage such payment.The Nigerian tax system is a set of rules and regulations and the organs of tax administration that interact with each other to generate revenue for government. It is indisputable that in development countries tax has not had the desired effect on various aspects of the economy/economic level. Also, effective tax assessment and collection have not reached an appreciable level in developing countries. This may either be due to the inadequate methods adopted or precisely as a result of inadequate, technical know-how on the rent of tax boards/authority.Taxation is a dynamic subject, which grows with the constant change in the economic environment in which it operates, hence the need to underscore the importance of an effective tax system in a developing economy. Thus, it has been stated that the importance of an effective tax system lies primarily in its ability to raise capital formation for the public sector, for development and growth of the economy and also in assisting in the regulation of the consumption pattern resulting in economic stabilization and effective re-distribution of income. Today, taxes have roles to play especially in the economic and social policy of any government.
Indeed, tax is a major source of revenue to the government at various levels to provide different infrastructure. Government has so many ways of raising funds or revenue for the purpose of meeting its expenditure; one of the direct ways is “TAXATION”. As with most source of revenue, taxation plays an important role in the budgetary policy of a country and government ensures the
The Nigerian tax system is a set of rules and regulations and the organs of tax administration that interact with each other to generate revenue for government. It is indisputable that in development countries tax has not had the desired effect on various aspects of the economy/economic level. Also, effective tax assessment and collection have not reached an appreciable level in developing countries. This may either be due to the inadequate methods adopted or precisely as a result of inadequate, technical know-how on the rent of tax boards/authority.
Taxation is a dynamic subject, which grows with the constant change in the economic environment in which it operates, hence the need to underscore the importance of an effective tax system in a developing economy. Thus, it has been stated that the importance of an effective tax system lies primarily in its ability to raise capital formation for the public sector, for development and growth of the economy and also in assisting in the regulation of the consumption pattern resulting in economic stabilization and effective re-distribution of income. Today, taxes have roles to play especially in the economic and social policy of any government.
Indeed, tax is a major source of revenue to the government at various levels to provide different infrastructure. Government has so many ways of raising funds or revenue for the purpose of meeting its expenditure; one of the direct ways is “TAXATION”. As with most source of revenue, taxation plays an important role in the budgetary policy of a country and government ensures the workability of reliable tax collection and assessment machinery at its disposal. However, the problem of tax assessment and collection is universal but developing countries are more plagued than their developed counterparts as a result of non-compliance, ignorance, illiteracy, poverty and inefficient collection machinery. The problem of tax assessment and collection is grossly affected and undermined by high rate of tax avoidance and evasion.
I will therefore want to use this research work to highlight the importance of an effective and well-structured tax system in enhancing economic growth and development in the Nigerian economic sectors as a whole. Invariably, adequate funding and provision of basic infrastructures are necessary tools for a developing economy and this is directly related to adequate sources of revenue for Nigerian economy, if the dream is to be achieved.
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