THE ADVANTAGE OF VALUE ADDED TAX IN TERMS OF REVENUE GENERATION
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The study was focused on the importance of value added tax in terms of revenue generation. A core study of federal Inland Revenue service Enugu office. Data were collected from primary and secondary, questionnaire was also included.
Report evidence indicated that the importance of value added tax in terms of revenue generation and the introduction of the added tax (VAT) and generation of revenue though other forms of taxation. It also has to find one, the problem associated with VAT administration since its introduction.
The recommendation giving to make VAT very effective are; That government should give firm economy to exercise full power in terms of tax collection and also VAT process should be put in a separate account to used for the provision of basic necessities such as food water etc. this is to reduce he suffering of the Nigeria citizens.
TABLE OF CONTENT
1.1 Statement of problems
1.2 Objective of study
1.3 Significance of study
1.4 Statement of the hypothesis
1.5 Scope of the study
1.6 Limitations of this study
1.7 Definition of terms
2.1 Review related to literature
2.3 The nature of vat and the administration policy
2.4 Adaptation of vat in Nigeria
2.4 Vat as a replacement of sole tax
2.6 Implementation of vat in Nigeria
2.7 Legislation of vat
3.1 Research methodology
3.2 Source of data
3.2 Method of data collection
3.3 Method of data analysis
3.4 Justification of methods
4.1 Data presentation and analysis
4.2 Test of hypothesis
4.3 Data analysis
4.4 Data interpretation
5.1 Summaries, conclusion and recommendation
5.5 Questionnaires and appendix
Some years back, the agricultural sector was playing an important role in the Nigeria economy both in generating revenue and in the physical impact. This was before oil started its own impact on the economy. The impact created by the oil sector begging to be more relevant within a short period of time. Other sectors of the economy become secondary in terms of their relevance’s. The sectors were neglected in the favour of oil.
Oil thus becomes the leading factor and the leading product in term of revenue generating and foreign exchange contribution. The condition of the economy became vulnerable to the condition of the word oil market form 1970 till date. The fluctuation of price in the world of oil market in the Nigeria economy. This is by diversifying the revenue generated based on the higher economy.
In addition to the above mention situation, the Nigeria state was increasingly acquires ring national responsibilities along with the traditional role of the government. The financial requirement of the government has been increased over the years in facilitating the accomplishment of government functions. Worthy of mention is this connection in the effective way of revenue generation and collection by the government against responsible for the task. The idea of introducing value added tax (VAT) was therefore considered and the federal government finally approved its introduction. Value added tax is therefore expected to increase and be effective, contribute towards enhancing the revenue generation based on the government. The system is expected to minis of eliminate the corrupt practices associated with revenue assessment and collection.
The important of revenue in any country and of course Nigeria cannot be overemphasized. Revenue has been the bedrock of government performance. The history of revenue in Nigeria dated to the pre-colonial era when tax and levies were paid to the fathers or lord as the case may be to Oba’s, Kings, Emirs. The tax or levies were to be paid in cash or in kind during the pre-colonial era. It was used to support the sustenance of the colonial administration. It has even been used to mobilize farmers into cash crop production mainly for the colonial export through the use of the cash taxes. Even after independency, tax has played in important role in generating revenue for the government.
It as used for the running of the affairs of the post independence government in Nigeria.
Furthermore, it has also been used to archive other policies such as the protection of the infant industries, income re-distribution, checking and controlling the consumption of some certain goods. Etc. it is therefore very much likely that it will continue to play a very important role in Nigeria economy.
Following the difficulties. Irregularities, complains associated with the assessment and collection of the said tax, operation committee was set up by the federal government in 1991 to review the entire tax system in operation. The committee recommended the idea of introducing value added tax (VAT) in the country and another committee was set up to undertake the feasibility study and make recommendation on its implementation after which he federal government finally approved the introduction of value added tax in Nigeria tax system with effect from 1st September 1993 and was incorporated in the 1994 budget.
STATEMENT OF PROBLEM
This research is made to find out the position of value added tax on the overall Nigeria on taxation system. It is the find out the impact or role both in terms of generating revenue for the government and controlling irregularities wildly believed to be associated with the said tax. It is also set to find out beyond Techniquecal level practical problems associated with it and to make recommendation at the end of the study.