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THE IMPACT OF COMPANY INCOME TAX REVENUE ON THE DEVELOPING ECONOMIES: THE NIGERIA EXPERIENCE



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THE IMPACT OF COMPANY INCOME TAX REVENUE ON THE DEVELOPING ECONOMIES: THE NIGERIA EXPERIENCE



TABLE OF CONTENT

CONTENT

Title page………………………………………………………    …….      ii

Certification…………………………………………………………… iii        

Dedication…………………………………………………………….   iv

Acknowledgement…………………………………………………..    v

Table of content……………………………………………………..  vi

Abstract………………………………………………………………         xii  

CHAPTER ONE

INTRODUCTION

1.1        Background of the study…………………………………..   1        

1.2        Statement of research problem.………………………….   3

1.3        Objective of the study……………………………………….  3        

1.4        Statement of hypothesis…………………………………….  4

1.5        Significance of the study ………………………………… .. 4        

1.6        Scope of the study ………………………………………….       5    

1.7        Limitation of the study…………………………………….       5

1.8        Historical background of Union Bank of Nigeria Plc… 6

1.9        Definition of terms……………………………………………. 7

References

CHAPTER TWO

LITERATURE REVIEW

2.1        Introduction……………………………………………………9

2.2        Sectoral emphasis on risk …………………………………11

2.3        Nature of Nigerian sectoral risk……………………………12

2.4     Risk consolidation ……………………………………………39

2.5 Instituting a comprehensive liquidity………………………45

2.6 Relative importance of capital………………………………..47

2.7 Making consistent risk for management ………………….48

2.8 Bank supervision………………………………………………..54

Reference………………………………………………………………55

CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Introduction……………………………………………………57

3.2         Research design……………………………………………….57

3.3     Population of the study ……………………………………….57

3.4     Research sample and sampling technique………………..57

3.5     Method data collection …………………….………………….58

3.6     Research instrument ………………………………………….59

3.7     Data collection analysis……………………………………….59

3.8     Decision rule……………………………………………………60

Reference………………………………………………………………61

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

4.1         Questionnaires analysis………………………………………62

4.2 Analysis of demography characteristics of respondents…………………………………………………….63

4.3         Analysis of research questions……………………..……...65

4.4        Test of hypothesis ……………………………………………76

CHAPTER FIVE

SUMMARY OF FINDINGS RECOMMENDATION AND CONCLUSION

5.1        Summary of Findings………………………………………82

5.2        Recommendation……………………………………………82

5.3        Conclusion……………………………………………………84

Bibliography………………………………………………………..85

Appendix……………………………………………………………..88

 


Abstract

 

Taxation and its product, Tax have been very important vehicles for economic policies of many countries of the world. For a very long time, tax has been a major source of revenue for various levels of governments. For instance, in Nigeria, the laws of the land stipulate the categories of taxes that are collectable by each of the three tiers of government. This is with a view to enhancing basic economic growth and development at all levels of government. However, the manner in which taxes are administered on corporations in Nigeria is a major concern to the majority of Nigerians. Traditional  schools  of  thought  advocated  the  theory  of  low  income  tax  rates’  influencing  economic development, whereas modern  schools  of  thought  propagated  the  theory  of  higher  income  tax  rates producing greater economic growth, especially for developed nations. In order to justify these thoughts, an attempt was made taking Nigeria as a case study to pin point the effect of low and high income tax rates on economic growth of developing nations. Secondary data sources were utilized in this study. In this study various parameters were taken into account including income  tax  rates,  income  tax  revenue,  total  revenue  and GDP of  the  country  in  the nominal  and  real value of the money. It was located that high income tax rates negatively affect the economic growth of Nigeria. The study found that government’s policies on income tax affect the revenue of corporations in the country. It was concluded that tax regulation is very relevant in order for government to be able to act justly on the various sectors of the economy.


CHAPTER ONE

 

INTRODUCTION

1.1   Background of the study

According to Black Law Dictionary, tax is a rateable portion of the produce of the property and labor of the individual citizens, taken by the nation, in the exercise of its sovereign rights, for the support of government, for the administration of the laws, and as the means for continuing in operation the various legitimate functions of the state. The Institute of Chartered Accountants of Nigeria (2006) and the Chartered Institute of Taxation of Nigeria (2002) view tax as an enforced contribution of money, enacted pursuant to legislative authority. If there is no valid statute by which it is imposed; a charge is not tax. Tax is assessed in accordance with some reasonable rule of apportionment on persons or property within tax jurisdiction. Sanni (2007:5) advocated tax an instrument of social engineering which can be used to stimulate general or special economic growth.

The Company Income Tax amongst countries of the world varies, especially in the developing countries. Gordon and Wei Li (2008) notes that to some extent, these differences may simply reflect differences in social preferences for public vs. private goods.  Countries differ substantially, for example, in the amount spent on the military, on infrastructure investments, on publicly provided education, or on social insurance.  Higher spending levels require higher revenue, leading to higher tax rates.  

To some extent, these differences may also reflect differences in the political support for redistribution.  More redistribution naturally requires higher tax rates on the rich in order to finance lower tax rates or transfers to the poor.  Governments with a stronger preference for redistribution would rely more on progressive personal income taxes, whereas other governments may choose less progressive personal taxes and make more use of proportional taxes such as a value-added tax or a payroll tax.  

 

Other differences, though, are more puzzling based on conventional models of optimal tax structure.  Regardless of a country’s tastes for public vs. private goods or for more or less redistribution, Diamond and Mirrlees [2001] forecast that the optimal tax structure will preserve production efficiency under plausible assumptions. (Coelho, Isaias, and Graham, 2001).  This rule out tariffs in any country that lacks market power in international markets.  It rules out differential taxes on goods produced domestically in one industry vs. another.  Atkinson and Stiglitz (1996) go further and argue that as long as a country can flexibly choose the rate structure under the personal income tax, then it has no reason to choose differential tax rates on the consumption of different goods. Not only does this rule out differential excise tax rates by good but it also rules out taxes on income from savings, which implicitly impose higher tax rates on goods consumed further into the future. 

Regarding possible revenue from seignorage, Friedman (1999) argued that a country would optimally choose a deflation rate sufficient to generate a nominal interest rate close to zero, so as to avoid any real costs of liquidity. While these forecasts of no tariffs, no taxes on capital income, uniform taxes on consumption, and deflation, are not consistent with any existing tax structures, they are not sharply inconsistent with observed tax policies among the most developed countries.  With GATT and now the WTO, tariffs are indeed very low among developed countries. 

At this point, nominal interest rates are very low among most developed countries, even if deflation is rare.  While capital income is still subject to tax in various ways, Gordon, Kalambokidis, and Slemrod [2004] report evidence that the U.S. collects little or no net revenue from taxes on capital income, and imposes relatively low distortions on investment and savings.  While even the richest countries maintain some important excise taxes, e.g. on gasoline, cigarettes, and liquor, an argument can easily be made that these specific taxes help internalize various consumption externalities. 

 

 

Tax policies in developing countries are much more puzzling, however, in light of these forecasts from the optimal tax models.   These differences are laid out in more detail in section I. The corporate income tax is a much more important source of tax revenue among developing vs. developed countries, as are tariffs and seignorage.  Poorer countries collect much less revenue from personal income taxes, yet it seems puzzling that distributional preferences should systematically be so much weaker among poorer countries (Bird, 1999). On net, poorer countries collect on average only two-thirds or less of the amount of tax revenue that richer countries do, as a fraction of GDP.  Yet, given the severe needs for investments in say infrastructure and education in these countries, is it plausible that the lack of revenue simply represents differing tastes for public vs. private goods in poor vs. rich countries?  

 

One natural response to these differences between forecasted policies and those observed in developing countries is to conclude that the policies in developing countries should be changed.  Newbery and Stern [1987], for example, set out the standard forecasts from optimal tax models as an ideal tax structure that developing countries should emulate.  This is also the basis for recommendations, e.g. from the World Bank and IMF, that developing countries should reduce their tariff and inflation rates, and rely more on value-added taxes with a uniform rate across industries, rather than on excise taxes or corporate income taxes (Campillo, Marta and Jeffrey, 1997).

In this study, we explore whether the inconsistency between the forecasts from optimal tax models and the data reflects instead a problem with the models.  The starting point for our approach is the observation of greater tax enforcement problems in poorer countries.  According to the estimates reported in Schneider and Enste [2002], for example, the informal economy on average is only about 15% of GDP among OECD countries, and thus small enough that it should not be a driving factor in the choice of tax structure.  However, among developing countries, the median size of the informal economy they report is 37% of GDP, ranging from 13% in Hong Kong and Singapore to 71% in Thailand and 76% in Nigeria. 

With such a large informal sector, any effects of the tax structure or of government policies more generally, on the size of the informal sector can be of first-order importance in the choice of these policies.  Yet at this point, we know relatively little about how policies affect the size of the informal sector, or why the informal sector is so much larger in developing than in developed economies (Diamond, Peter and James Mirrlees, 2001). It is in this respect that this present study shall examine the impact of company income tax revenue on developing economies using Nigeria as a reference point.

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Taxation and its product, Tax have been very important vehicles for economic policies of many countries of the world. For a very long time, tax has been a major source of revenue for various levels of governments. For instance, in Nigeria, the laws of the land stipulate the categories of taxes that are collectable by each of the three tiers of government. This is with a view to enhancing basic economic growth and development at all levels of government. However, the manner in which taxes are administered on corporations in Nigeria is a major concern to the majority of Nigerians. .. Click here for more

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