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The study was conducted to analyze practically the impact of tax incentive on economic development of business it was organized into five chapters to ensure systematic approach to the issue. The study statement of problem was that no appropriate measure has been taken about tax incentive to stimulate the economic development of the business in Nigeria because of fluctuation in the exchange rate and poor policy being take in the economy which do not produced good result expected. The population of the study consists of 25 members of the Board of Internal Revenue and the proportion to be taken as sample size was not taken since the population was a small are, we decide study all the population. The objective which was to evaluate the various attribute of tax incentive was achieved. The discussion of findings tells is that there is a significant relationship between tax incentive and economic development. It is recommended every board of internal revenue should adopt the system of granting tax companies which are the work force for any economic to development. It also recommended if we want to achieve 100% economic development, that we should not only contend a tax incentive but to other thing that would stimulate the economic.
TABLE OF CONTENT
Title Page - - - - - - - -
Certification - - - - - - -
Dedication - - - - - - -
Acknowledgement -- - - - - -
Abstract - - - - - - - -
Table of Content - - - - - -
1.0 Introduction - - - - - -
1.1 The Historical Background of the Study -
1.2 The Statement of the Problems - - -
1.3 The Objective of the Study - - -
1.4 The Purpose of the Study - - - -
1.5 The Significance of the Study - - -
1.6 The Scope and Limitations of the Study -
1.7 The Research Question/Hypothesis - -
1.8 The Definition of Terms - - - -
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.0 Introduction - - -- - - -
2.1 Theoretical Framework - - - -
2.2 Types of Tax and Importance of
Tax Incentives - - - - - -
2.3 Primary Purpose of Taxation - - -
2.4 The Incidence and Impact of Tax - -
2.5 Principles of Taxation - - - -
2.6 Economic Effects of Direct and
Indirect Tax - - - - -- -
2.7 Systems of Taxation and their Effects -
2.8 Taxes and Efficiency - - - -
2.9 Direct and Indirect Tax Incentives - -
2.10 Current Development on Tax - - -
2.11 Summary of Related Literature - - -
CHAPTER THREE: RESEARCH DESIGN AND PROCEDURES
3.0 Introduction - - -- - - -
3.1 Research Design - - - - -
3.2 Area of the Study - - - - -
3.3 Population of the Study - - - -
3.4 Sample Size Determination and
Sample Technique - - - - -
3.5 Source of Data Collection/Method
of Data Collection - - - - -
3.6 Data Presentation/Analysis Method - -
CHAPTER FOUR: DATA PRESENTATION/ANALYSIS AND INTERPRETATION OF DATA
4.0 Introduction - - - - - -
4.1 Data Presentation - - - - -
4.2 Data Analysis - - - - - -
4.3 Data Interpretation - - - - -
CHAPTER FIVE: SUMMARY, RECOMMENDATION AND CONCLUSION
5.0 Introduction - - - - - -
5.1 Summary - - - - - - -
5.2 Recommendation - - - - -
5.3 Conclusion - - - - - -
References - - - - - -
Appendix - - - - - - -
Investors often emphasize the relative importance of the tax system in investment decision if compared with other consideration such as political or economic stability, availability of social infrastructure, security of life and property and the general cost of doing business (Sanni; 2002). To the prospective investors the general feature of tax system is more important than tax incentives. In many developing countries, the tax laws are not clearly written and may be subject to frequent review. This makes long time planning difficult for business and adds to the perceived risks of undertaking major capital intensive projects (Dotun, 1996).
Taxation has been used to encourage savings, investment and re-distribute income. Also priority sectors like export processing zone (EPZ). Solid minerals; oil and gas have been encouraged. The manufacturing sectors have received the right doses of tax incentive. Government also uses taxation to stimulate the economy by using tax policy to influence purchasing power and production costs (Ariwodala, 2001). Countries have introduced investment incentives for varying reason; in some cases; the incentives may be seen as a counter weight to the investment disincentives inherent in the general tax system (Holland and Vann, 1996).
Apart from the efforts to provide an enabling environment for the growth and development of industries inflow of foreign direct investment, shield existing investment from unfair competition, and stimulate the expansion of domestic production capacity, the government has developed a package of incentives for various sectors of the economy. These incentives, it is hoped will help revive the economy, accelerate growth and development and reduce poverty. The private sector was accepted as the engine of growth and the creator of wealth, while the government’s major responsibility is to provide the enabling environment for the private investors to operate. In this regard, laws which had hitherto hindered private sector investments have been either amended or repealed and a national council on privatization has been established to oversee orderly investment by private operators in vital areas of the economy such as mining, transportation, electricity, telecommunications, petroleum and gas (Ariwodola, 2001).
In the above knowledge, it is important to deal much in the tax incentive as per the development of economy of the country. A small number of tax incentive or credit to various businesses has a dramatic impact on the country’s economic development. Therefore, this study attempts to deal on the impact of tax incentive on economic development of business.
1.1 THE HISTORICAL BACKGROUND OF THE STUDY
Money provided by taxation has been used by state and their functional equivalents throughout history to carryout many functions, some of these include expenditure on war, the enforcement of law and public order, protection of property, economic infrastructure, public works, social engineering and the operation of government itself (Ariswodola, 2001).
The economic history has shown that people in Nigeria pay taxes before the advent of the British colonial rule, especially in the northern part of Nigeria. The concept of taxation captured its share after this depression that various nations started implementing various fiscal polices aimed at mobilizing enough capital to provide for social overhead expense and at the same time embarking on several ways to improve the standard of living of its citizens in general.
In Nigeria, there were so many forms of taxation dating back in the days of our forefather whereby communities taxed themselves through communal labour to prosecute community project or to help the community suppress external aggression. For this reason, taxation in Nigeria is therefore the process or machineries by which community pay in their income, in some agreed amount for the purpose of the administration of the society. This is why taxation is often referred to as civil responsibility.
According to Adesola (1995), government use different kinds of taxes and vary the tax rates. This is done to distribute the tax burden among individuals or classes of the population involved in taxable activities such as business. Historically, the nobility were supported by taxes on the poor, modern social security systems are intended to support the poor, the disabled, or the retrieved by taxes on those who are still working. By the fiscal policy, governments modify patterns of consumption within an economy by making some classes of transaction more or less attractive.
Federal government has at various times promulgated tax laws concerning tax incentives on companies and individuals. The aim and objective of tax incentives is to attract investment which will help in the industrial and economic development to a higher level. The need for the tax deduction did not create any development, rather, failure of the investment activities and poor industrial and economic interest to study the degree of the impact of tax incentive (if any) on economic development of business.
1.2 THE STATEMENT OF THE PROBLEMS
Empirical studies like those of (Sanni, 2002) and (Dotun, 1996) have reported different view on tax incentives towards economic development. A school of thought believes that tax incentive encourages economic growth and development while another believes that it reduces revenue of the government.
As a result of this, it does not stimulate economic growth and development. It must be noted that some of the measures taken so far by the government to improve the economy have not produced good results. The naira exchange rate has not been able to stimulate the economy. The poverty alleviation programme aimed at reducing the rate of poverty among Nigerians was introduced. With all these measures and policies taken so far, Nigeria economy has not shown any appreciable progress. Nigeria still remains one of the developing nations. Given this gap, the study seeks are examine the nature of tax incentives that are extended to deserving companies or businesses and the interactions that exists between tax incentives and the economy.
1.3 THE OBJECTIVE OF THE STUDY
The objective of this study includes the following:
1) To examine and find out the importance of tax incentive on individual and business as well as economy development.
2) To identify the incidence and impact of business tax on economy development.
3) To make recommendation based on research findings to appropriate bodies.
1.4 THE PURPOSE OF THE STUDY
The major purpose of this study is to determine the impact of tax incentive on economy development of business.
1.5 THE SIGNIFICANCE OF THE STUDY
This work is significant to the government by allowing them to ascertain whether business tax incentives are successful at generating new economic activity or whether they do so in a cost-effective manner especially in times of fiscal and economic stress. This is confirmed by Sanni (2002) who studied to evaluate the benefits and cost of these types of incentives.
It will help the policymakers and stakeholders by allowing them analyze variety of assumptions and methodological choice when evaluating tax incentives. If this is not property checked, the decision affects the magnitude of estimated impacts. Therefore, it is important for stakeholders to understand the strengths and limitations of the study which will help them in the role of tax incentives in economic development policy.
It will also help the researcher in the expansion of knowledge of tax incentives in Nigerian’s economy. The research work will serve as a reference material to subsequent researchers on this or related subject.
1.6 THE SCOPE AND LIMITATION OF THE STUDY
The study will be limited to twenty (20) staff in the board of internal revenue, Uyo, Akwa Ibom State. This is because of the expenses involved in going round all revenue centres in the 31 Local Government Areas in Akwa Ibom State. Other reasons are short time for the research study and limited financial resources.
1.7 THE RESEARCH QUESTION/HYPOTHESIS
1) How effective is tax incentive?
2) Has there been any mark of negligence in the issue of tax incentive?
3) To what extent can these incentives encourage individual on business investment?
4) To what extent can tax incentive attracts foreign investment into Nigeria particularly Akwa Ibom State?
Research hypothesis should be includes:
(i) Ho: There is no significance relationship existing between tax incentives and its impact on economic development of business organization.
Hi: There is significant relationship existing between tax incentive and its impact on economic development of business.
(ii) Ho: The granting of tax incentive does not lead to
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