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TABLE OF CONTENT
TABLE OF CONTENT
Title page - - - - - - - - -- - i
Declaration - - - - - - - - - - ii
Approval page - - - - - - - - - iii
Dedication - - - - - - - - - - iv
Acknowledgement - - - - - - - - - v
Table of content - - - - - - - - - vi
Abstract - - - - - - - - - - - viii
CHAPTER ONE: INTRODUCTION
1.1 Background of the study - - - - - - - 1
1.2 Statement of the problem - - - - - - - 3
1.3 Research question - - - - - - - - 4
1.4 Objectives of the study - - - - - - - 4
1.5 Hypothesis of the study - - - - - - - 5
1.6 Scope of the Study - - - - - - - - 5
1.7 Significance of the study - - - - - - - 5
1.8 Definition of Terms - - - - - - - - 5
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction - - - - - - - - - 8
2.2 Concept of Personal Income Tax - - - - - - 8
2.3 Concept of Revenue - - - - - - - - 23
2.4 Empirical Review - - - - - - - - 28
2.5 Theoretical Review - - - - - - - - 30
2.6 Summary - - - - - - - - - 34
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction - - - - - - - - - 36
3.2 Research Design - - - - - - - - 36
3.3 Population and sample size - - - - - - - 36
3.4 Data Source - - - - - - - - - 37
3.5 Technique of Data Analysis - - - - - - - 37
3.6 Valuable Specification - - - - - - - 37
3.7 Justification of Techniques and Methods Used - - - - 38
3.8 Summary - - - - - - - - - 38
CHAPTER FOUR: DATA PRESENTATION, ANALYSIS & INTERPRETATION
4.0 Introduction - - - - - - - - - 39
4.1 Data Presentation - - - - - - - - 39
4.2 Data Analysis and Interpretation - - - - - - 40
4.3 Summary of Findings - - - - - - - - 43
CHAPTER FIVE: SUMMARY, CONCLUSION & RECOMMENDATION
5.1 Summary - - - - - - - - - 44
5.2 Conclusion - - - - - - - - - 44
5.3 Recommendations - - - - - - - - 45
References - - - - - - - - - - 47
The purpose of this study is to examine the problem and prospects of personal income tax in Nigeria for the period of 2010 and 2015, and to ascertain whether Personal Income Tax has no significant impact on Revenue generation in Nigeria. Secondary data from financial statements of Federal Inland Revenue Service Kaduna is collected using data collection forms on the revenue generation from personal income tax in Nigeria while data analysis was made using ordinary least square (OLS) regression technique. Findings show a positively and significantly relationship between Revenue generation and personal Income Tax . The researcher, therefore, conclude that personal Income Tax can be an instrument of Revenue generation in Nigeria. Development of any tax policy on tax revenue for economic development should be based on human development index rather than GDP. This study provides a useful insight for the government, stakeholders and policy makers into the importance of Personal Income Tax on revenue generation for economic growth and development, as a result; income derived from tax should be judiciously used to encourage citizens to continue to pay tax.
1.1 BACKGROUND OF THE STUDY
The political, economic and social development of any country depends on the amount of revenue generated for the provision of infrastructure in that given country. However, one means of generating the amount of revenue for providing the needed infrastructure is through a well structured tax system. According to Azubike (2007), tax is a major player in every society of the world. The taxation is an opportunity for government to collect additional revenue needed in discharging its pressing obligations. A taxation offers itself as one of the most effective means of mobilizing a nation’s internal resources and it lends itself to creating an environment conducive to the promotion of economic growth. Nzotta (2007) argues that taxes constitute key sources of revenue to the federation account shared by the federal, state and local governments. This is why Odusola (2006) stated that in Nigeria, the government’s fiscal power is divided into three-tiered tax structure between the federal, state and local governments, each of which has different tax jurisdictions. The system is lopsided and dominated by oil revenue. He further argues that over the past two decades oil revenue has accounted for at least 70% of the revenue, thus indicating that traditional tax revenue has never assumed a strong role in the country’s management of fiscal policy. Instead of transforming the existing revenue base, fiscal management has merely transited from one primary product-based revenue to another, making the economy susceptible to fluctuations of the international market.
However, one of the major functions of any government especially developing countries such as Nigeria is the provision of infrastructural services such as electricity, pipe-borne water, hospitals, schools, good roads and as well as ensure a rise in per capita income, poverty alleviation to mention a few.
For these services to be adequately provided, government should have enough revenue to finance them. The task of financing these enormous responsibilities is one of the major problems facing the government. Based on the limited resources of government, there is need to carry the citizens (governed) along hence the imposition of tax on all taxable individuals and companies to augment government financial position. To this end, government have always enacted various tax laws and reformed existing ones to stand the taste of time. They include: Income Tax Management Act (ITMA), Companies Income Tax Decree (CIID), Joint Tax Board (JIB) etc.
The importance of taxation in the activities of any government cannot be overemphasized. Generally, in Nigeria the law of Personal Income Tax is of tremendous importance as a source of revenue for the government. This importance assumes an accelerated dimension, in the face of the present economic recession in Nigeria (Akintoye, 2013; Asabor, 2012; Oduh, 2012; Angahar & Sani, 2012.). Personal Income Tax is also a weapon, which could be used to reduce inequality in society, encourage manufacturing industries, by the use of tax incentives, and discourage undesirable industries (Akintoye, 2013; Asabor, 2012; Oduh, 2012; Ariwodola, 2000; Angahar, & Sani, 2012; Okpe, 1998). But the law on Personal Income Tax in Nigeria has many defects. These contribute a great deal in preventing the law from achieving its desired objectives. The world over, tax is one major source of government revenue (Ariwodola, 2000; Okpe,1998). Tax has been defined in many ways by different authors.
Tax is a compulsory contribution from individuals and business organizations for the purpose of financing government expenditure (Akintoye, 2013; Asabor, 2012; Oduh, 2012; Ariwodola, 2000; Angahar & Sani, 2012; Okpe, 1998; Asada, 2005). According to them, for government to be able to undertake most of its activities, government raises funds through taxation. To this extent, tax is regarded as a compulsory payment from the private sector to the public sector. It is also a fractional part of income an individual or a body corporate pays to the government to carry out its expenditure. However, not every national government has been able to effectively exploit this great opportunity of revenue generation. This can be attributed to number of reasons including the system of taxation, tax legislation, tax administration and policy issues, over reliance on other sources of revenue such as foreign aid/ grants and so on.
Personal Income Tax (PIT) to an extent has remained unsatisfactory, disappointing and problematic of all the taxes in Nigeria. This is in spite of the fact that tax reform has of recent been a key element in economic reform which the country had undergone. It is therefore; felt that personal Income tax in Nigeria requires radical handling to ensure that a l
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