IMPACT OF MULTIPLE TAXATIONS ON BUSINESS SURVIVAL IN NIGERIA
Sold By: Joe Project Store | Item Type: Project Material | Report this? | Attributes: 76 pages | 1-5 chapters | Amount: ₦5,000 | 1 order. | Marked useful: 3,956 times
Delivery: Within 24 hoursIMPACT OF MULTIPLE TAXATIONS ON BUSINESS SURVIVAL IN NIGERIA
Abstract
Taxation is one of the major fiscal policies the government of any nation such as Nigeria can use to achieve economic stability and in the financing of capital expenditure. Various taxes are levied upon the income, wealth or gain of an individual, family and business firm by the government for the purpose or benefits of the general public.
Tax by a simple definition is a financial charge or other levy imposed upon a tax payer which could be an individual or a legal entity from the point of view of the student researcher by a state such that failure to pay is punishable by law. Thus, taxation cannot be regarded as a voluntary payment or donation but an enforced contribution exacted pursuant to legislative authority. In modern taxation system such as Nigeria, taxes are levied, in money which could be use for myriads of functions or purpose such ay a expenditure on public order, protection of lives and property, economic infrastructure cures such as roads, public works, social engineering and the operation of government itself (Carrol, et al 2000).
The taxes collected by the government no doubt emanate from varying sources ranging from personal income tax, company income tax, capital gain tax, property tax, education, tax, task but to list a few.
The Nigerian government in attempt to raise revenue and enhance the economic development of Nigeria has subjected many firms to multiple taxations which they are mandated or made compulsory to pay irrespective of the sector the business firms operate or else take the wrath of the law A survey carried out by the Manufacturers Association of Nigerian (MAN1) and (Centre for International Private Enterprise ICIPE) identified multiple taxation as the bane of private sector business growth in Nigeria (Anyamvu, 2012). The survey established the relationship between multiple taxations in the pilot state across the three tiers of government and re-affirmed its negative effects to private sector growth and businesses in Nigeria.
According to the survey, it was established that multiple taxation could lead to divestment as well as jeopardize foreign direct investment coming into Nigeria, while adversely affecting the Competitions of
existing businesses and their survival, Moreover it was also established that currently most businesses in Nigeria consider the tax environment as unfriendly and disincentive to business, stressing that it engenders loss of man hour to both the government and private businesses.
According to Osagie (2012) tax environment in Nigeria especially the policy on multiple taxation increases the cost of doing business in the country. As a matter of fact, some business including manufacturing companies have shut down production while in some cases, have relocated their factories to other West African countries which are considered to be more investment friendly. Against this back drop, this project examines the effects of multiple taxation on business survival in Nigeria.
This material content is developed to serve as a GUIDE for students to conduct academic research
Delivery: Within 24 hours
Advertise Here
Not what you were looking for? Perform a search
What's your project topic?
Comment on Facebook:
Related Project Materials
- 1.
THE IMPACT OF FINANCIAL LITERACY ON THE PERFORMANCE OF SMALL SCALE ENTERPRISES IN CAMEROON
CHAPTER ONE INTRODUCTION 1.1 Background to the Study Small scale enterprises' (SSEs) contribution to the national economy should not be undervalued...More »
Item Type: Project Material | 54 pages | 1,391 engagements |
- 2.
THE EFFECT OF GOOD RECORD MANAGEMENT IN ORGANIZATIONAL PERFORMANCE IN CAMEROON
CHAPTER ONE INTRODUCTION Background of the study Since time immemorial, information has been considered an essential resource for all types of orga...More »
Item Type: Project Material | 54 pages | 659 engagements |
- 3.
A STUDY ON THE IMPLICATIONS OF ETHICS IN FINANCIAL REPORTING ON MONEY DEPOSIT BANKS IN LAGOS
CHAPTER ONE INTRODUCTION 1.1 Background of the Study The idea that an entity's financial statements are subject to a set of rules dictated by estab...More »
Item Type: Project Material | 54 pages | 767 engagements |
- 4.
AN APPRAISAL OF GLOBAL HEALTH INITIATIVE IN RESPONSE TO PREVENTION TO PANDEMIC DISEASE IN NORTH WEST...
CHAPTER ONE INTRODUCTION Background of the study The Global Health Initiative (GHI) aims to enhance the effectiveness and influence of all U.S. for...More »
Item Type: Assignment | 54 pages | 1,050 engagements |
- 5.
THE ROLE OF FINANCIAL ANALYSIS IN MANAGEMENT CONTROL
THE ROLE OF FINANCIAL ANALYSIS IN MANAGEMENT CONTROL CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY Financial analysis is the process of revi...More »
Item Type: Project Material | 60 pages | 0 engagements |
- 6.
THE ROLE OF AUDITORS IN A DEPRESSED ECONOMY (A CASE STUDY OF SELECTED BANKS)
THE ROLE OF AUDITORS IN A DEPRESSED ECONOMY (A CASE STUDY OF SELECTED BANKS) CHAPTER ONE 1.0 INTRODUCTION In the 60’s especially before the civil wa...More »
Item Type: Project Material | 53 pages | 2,577 engagements |