ProjectClue.com We're Ready, Call Us

(+234) 07030248044

Project Topic:

COMPARATIVE ANALYSIS OF VALUE ADDED TAX REVENUE AMONG DIFFERENT SECTOR IN NIGERIA CASE STUDY OF FEDERAL INLAND REVENUE LAGOS STATE.

Project Information:

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 75 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   435 people found this useful

Project Department:

ACCOUNTING UNDERGRADUATE PROJECT TOPICS, RESEARCH WORKS AND MATERIALS

Project Body:

ABSTRACT

The research provides a conceptual and analytical study on comparative analysis of value added tax revenue among different sector in Nigeria, focusing on the case study of Federal Inland Revenue, Lagos State. The study assesses the performance of the different sector in the Nigerian economy in contribution to VAT revenue with a view to showcase their effect on economic growth.

INTRODUCTION

            Tax can be defined as a compulsory contribution to the support of government levied on persons, property, income, commodities, transactions et. Now at a fixed rate mostly proportionate to the amount on which the contribution is levied (Crowther 1998) as it can equally be confirmed in (Tilley 1981) Oyebunji (2006) identified two major forms of taxes these are:

  1. Direct taxes:           These are taxes imposed by the government on the income of individuals and companies which are usually paid by the person or persons on whom it is legally imposed. Examples are Personal Income Tax (PIT), Company Income Tax (CIT), Capital Gains Tax (CGT), Withholding Tax, Petroleum Profits Tax (PPT), Education Tax and Capital Transfer Tax (CTT). The PPT is imposed on individuals earning, CIT on profits of organization/corporate bodies, PPT on oil purchasing/exploration companies, CGT on profit from sales of capital assets and CTT in the transfer of property inter-viro and transfer in death. However, CTT in profit was abrogated in 1996.
  2. INDIRECT TAX:       These are taxes by the government on goods and services. Indirect taxes can be avoided because it is payable only if one buys the commodities or enjoys the services on which the tax is imposed and it involves little administrative cost compared to direct taxes. It does not create dis-incentive to efforts as in the case of direct taxes and hence does not affect the economic functions of the tax payers.

Examples of the indirect taxes in Nigeria according to Oyebunji (2006) are:

  1. Import duties/traffics:    Levied on goods imported into the country
  2. Export goods:         levied on goods produced for export
  3. Excise goods:          Imposed on specific goods produced in a country
  4. Consumption tax: levied on the purchase of any commodity or enjoyment                                                  of a service.

Examples are sales taxes and Value Added Tax (VAT), the characteristics effect of consumption tax is that it is not included in the price tag by the affected commodity rather it is added as a percentage of the total of invoice in the goods or services rendered.

However, this research aims to provide a comparative analysis of Value Added Tax Revenue among different sector in Nigeria, A case study of Federal Inland Revenue of Lagos State.

 

CHAPTER ONE

1.1      BACKGROUND OF THE STUDY

            According to Oserogho and Associates as quoted by Adereli, Sannid Adesina (2011), VAT is a consumption tax levied at each stage of the consumption chain and borne by the final consumer of the product or service. Each person is required to change and collect VAT at a flat rate of 50% on all invoice amount on all goods and services not exempted from paying VAT, under the Value Added Tax Act 193 as amended. Where the VAT collected on behalf of the government (output VAT)  in a particular month is more than the VAT paid to other persons (input VAT) in the same month, the difference is required to be remitted to the government, on a monthly basis by the taxable person where the reverse is the case, the tax payer is entitled to a refund of the excess VAT paid or more practically to receive a tax credit of the excess VAT from the government. All exports are zero rated for VAT, i.e. no VAT is payable on exports. Also VAT is payable in the currently of the transaction under which goods and services or services are exchanged.

            The precedence for the introduction of VAT in Nigeria was based on the fact that taxation as an instrument of fiscal policy is vital in generating revenue to finance the activities of government, redistribute income, stabilize the economy as well as stimulate growth and development.

The research intends to investigate the performance of different sectors in the Nigerian economy in contributing to VAT revenue using Lagos State Federal Inland Revenue as a case study.

1.2      STATEMENT OF THE PROBLEM

            VAT was introduced to contribute to economic growth of the nation by providing revenue to government to accelerate development. However, this goods is still far from being achieved sector contributions to VAT revenue is pivoted to providing the needed revenue to government to impact on economic growth. Hence, the problem confronting this research is to provide a comparative analysis of Value Added Tax Revenue among different sectors in Nigeria with a case study of Federal Inland Revenue Service of Lagos State.

1.3      RESEARCH QUESTIONS

1.        What is the nature of tax and its significance?

2.        What is the nature of value Added Tax?

3.        What are the sectoral contributions of Value Added Tax Revenue?

4.        What constitute the sectoral analysis of VAT in Lagos State?

1.4      OBJECTIVE OF THE STUDY

1.        To determine the nature and significance of tax

2.        To appraise the nature of Value Added Tax and the significance

3.        To determine the sectoral contributions of Value Added Tax revenue in Lagos State.

1.5      SIGNIFICANCE OF THE STUDY

1.        The Study shall provide sectoral analysis of contributions of Value Added Tax with a view to providing measures and policies to maximizes Value Added Tax revenue in Nigeria

2.        The study shall serve as reference point of information for economist, accountants, managers and government on issues regards Value Added Tax Revenue in Nigeria.

1.6      STATEMENT OF HYPOTHESIS

1.        H0        VAT is not significant to economic growth in Nigeria

            H1        VAT is significant to economic Growth in Nigeria

2.        H0        The impact of VAT on government Revenue is low

            H1        The impact of VAT on government Revenue is High

3.        H0        Sectoral contributions to VAT in Lagos State is low

            H1        Sectoral contributions to VAT in Lagos State is high

1.7      SCOPE OF THE STUDY

            The study focuses on the comparative analysis of value added tax revenue among different sectors in Nigeria with a case study of Federal Inland Revenue of Lagos State.

1.8      DEFINITION OF TERMS

Definition of VAT

VAT is a consumption tax levied at each stage of the consumption chain and borne by the final consumer of the product or service. Oserogho and Associates (2011).

Get the complete project »

Instant Share On Social Media:

OTHER SIMILAR ACCOUNTING PROJECTS AND MATERIALS

AN APPRAISAL OF THE IMPLICATION OF ELECTRONIC BANKING IN NIGERIA BANKS (A CASE STUDY OF ACCESS BANK)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 67 ::   Attributes: Secondary data, Data Analysis,Abstract  ::   3394 engagements

CHAPTER TWO REVIEW OF RELATED LITERATURE Electronic banking in Nigeria has overtime been viewed by many especially economists as having a lot of implications on the economy of Nigeria and especially...Continue reading »

A CRITICAL ANALYSIS OF THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 75 ::   Attributes: Questionnaire, Data Analysis, Abstract  ::   2986 engagements

ABSTRACT The study was carried out to analyse how an organization performs making use of the financial statements with First Bank of Nigeria Plc serving as the case study. the study disclosed that th...Continue reading »

AN EVALUATION OF THE PERFORMANCE OF NIGERIAN STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIA ( A CASE STUDY OF NIGERIAN STOCK EXCHANGE)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 78 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   1300 engagements

HISTORICAL BACKGROUND OF THE NIGERIA STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIAN. The nigeria stock excahnge denoted by NSE is a government establishment where stocks are traded on a daill...Continue reading »

APPLICATION OF BUDGETS AND BUDGETARY CONTROL MEASURES IN A NON-PROFIT ORGANIZATION: A CASE STUDY OF APOSTOLIC CHURCH, DELTA

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 76 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   1583 engagements

2.1 CONCEPTUAL FRAMEWORK A budget is can be defined by accountants as “a planned outcome to be generated and for the expenditure to ensure during that period and the capital to be employed to a...Continue reading »

ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN CALABAR LOCAL GOVERNMENT AREA

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 69 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   1354 engagements

ABSTRACT The economy of Nigeria cannot function properly or thrive without the micro, small and medium scale enterprises (SMEs). These small scale enterprises cannot function properly if they are not ...Continue reading »

ASSESSMENT OF ADEQUATE RISK RECOGNITION AND MANAGEMENT IN NIGERIAN INSURANCE COMPANIES (A CASE STUDY OF UNION ASSURANCE COMPANY, UYO)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 86 ::   Attributes: Questionnaire, Data Analysis  ::   863 engagements

THE CONCEPT OF RISK Risk has been the subject of study by different scholars over the years with several meaning and definitions. But the most accepted definitions are that of J.E Banister and P.A Baw...Continue reading »

What are looking for today?

WHAT OUR CUSTOMERS ARE SAYING:
  • 1. Taleeb from Kwara state polytechnic said "I like all topics on this website but anytime i wrote topic to my project supervisor he used to ask where is the case study and case study is not written there . thanks ................".
    Rating: Very Good
  • 2. Donald from ui said "i thank you guys for the good work...i never believe that there are still some Nigerians that are trustworthy until i stumbled upon projectclue. excellent job. great write up. weldone Glory keep up the good job. nice voice.,...i will always recommend projectclue to any Nigerian researchers...God bless.".
    Rating: Very Good
  • 3. Abdoulrasheed Tapheeda from Taraba State University,Jalingo said "The Project Clue owe me a Tribute Respect, because of the nature of their work and delivery system. I recommend this site for any undergraduate due to the quality and fast delivery system of their work. Thanks".
    Rating: Excellent
  • 4. Sam Seyil from Federal Uni Agric. Markudi said "I had a wonderful experience using ProjectClue, they delivered not only on time, but the content had good quality. I recommend ProjectClue for any project research work.".
    Rating: Excellent
  • 5. Eval, Effa A. from University of Calabar (Unical) said "It was a wonderful experience using projectClue, it really helped me in carrying out a Term paper research NGP.".
    Rating: Good
  • 6. Abimbola Bisola from Obafemi Awolowo University said "Thanks a million times for giving me a quality research project. not only have i defended i was commended by my supervisor. You guys are the best; Project clue".
    Rating: Very Good

Leave a comment: