Get the complete project »
- The Complete Research Material is averagely 91 pages long and it is in Ms Word Format, it has 1-5 Chapters.
- Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦7,000
The tax regime of small and medium business enterprises was a snow ball of international agitation specially international monetary fund (IMF). To Nigeria Government to diversify her revenue base from Petroleum tax which consisted of 80% percent of the total revenue. Consequentially, the idea of SMBE tax was introduced in furtherance of tax reforms a committee was constituted in 1991 and January 1993, after the feasibility study of SMBE the report submitted to the Federal government with a recommendation to introduce SMBE Tax. On the other hand, the government viewed Small and Medium Business Enterprises as a very important sector of the economy that has employed many persons. Most big companies started at this level before progressive and attractive. That is why the government has paid special attention to it and as a sector to the Nigerian economy, it is still not progressing as expected and the resultant effect is still far beyond expectations. The objectives of this research are to analyze the effect of tax policy in the growth of SMBE in Nigeria. The methodology employed in this work is the doctrinal method. The problem of this research is despite the tax policies put in place for rapid growth of the sectors in returns for the government to drive huge revenue from it has fail because it is not in commiseration with the government intensions as a result of the following? Over taxation is also a problem of SMBE that is meant to be promoted, encouraged and made very attractive for potential investors in the country and the world as a whole. Also it reveled that tax collectors are not well trained and informed about government policies as regards the protection and encouragement of Small and Medium business Enterprises in Nigeria. Most particularly, they do not consider the size of a particular business in tax assessment. To proffer some solutions, tax assessment and collection should be defined with respect to which government should collect certain taxes from Small and Medium business Enterprises. This will avoid the three tiers of government collecting taxes from the same particular organization. Government should also put a policy in place to avoid illegal taxes, such as community levy, boys or youth levy as well as association or union levy, also Some of the findings arrived at in this study are absence of a harmonized and gazzetted tax regime, which would enable manufactures to build in recognized and approved levies and taxes payable and also the fact that an effective administration of this sector is lacking there should be an average or tax exemption placed on these young industries to encourage and protect them and to attract potential investors.
1.1 Background To The Study
In any given economy, the issue of taxation is of tremendous importance because it
serves as revenue generation forum to the government hence; its role cannot be in doubt.
Taxation can also be employed as an instrument of economic policy formulation and
implementation including a means of wealth redistribution in the economy.
Small and Medium Business Enterprises (SMBE) are newly introduced tax policy for
revenue generation income and redistribution. Thus, taxes are a source of revenue to the
government. In its first month of operation SMBE in this country yielded revenue of N5.4
billion to the government. Apart from petroleum tax, it is obvious that no other form of
taxation either direct or indirect equal the revenue yield of SMBE.1
Consequently, the idea of SMBE tax was introduced in furtherance of tax reforms. The
Federal Government set up in 1991 a study group to review the country‘s indirect tax system.2
The study group among other things recommended the administration of SMBE tax in Nigeria
and the government accepted the recommendation and therefore, set up a SMBE committee
which carried out a feasibility study on SMBE and came up with a report submitted to the
Federal Government with a recommendation to introduce SMBE tax in the country in January
In addition, a full scale of SMBE tax in Nigeria which extended from the manufacturers
through the wholesalers to the retailers and to the ultimate consumers has been impracticable at
present. However, a study group in 1991 did recommend for tax on SMBE, and the
government accepted that for the immediate future, a modified SMBE tax law should be
1Lawal, S.Y., (2000) Treatise on Nigeria Tax System, Bayero University, Kano Publishing Co. Ltd. p. 30 2Ibid.
introduced, levied and collected from manufacturers or wholesalers and importers levels.
Unlike under the sales tax, services should be made subject to the modified SMBE and only a
single rate tax of 5% should be levied.
The tax derived from Small and Medium Business Enterprises (SMBE) constitute a
You either get what you want or your money back. T&C Apply
Share a Comment
You can find more project topics easily, just search
SIMILAR LAW FINAL YEAR PROJECT RESEARCH TOPICS
» ABSTRACT The Capital Gains Tax was introduced into Nigeria by the Capital Gains Tax Decree (Decree No. 44) in 1967. The decree was enacted on 19th Oct...Continue Reading »
61 pages | 331 hits | Source: LAW
» TABLE OF STATUTES 1999 Constitution of the Federal Republic of Nigeria The 1979 Constitution of the Federal Republic of Nigeria African Charter (ratif...Continue Reading »
15 pages | 233 hits | Source: LAW
» CHAPTER ONE GENERAL INTRODUCTION 1.0.0: INTRODUCTION Law is central to national governance and a nation can succinctly be described as a group of pers...Continue Reading »
91 pages | 0 hits | Source: LAW
» CHAPTER 1 GENERAL INTRODUCTION 1.0.0: INTRODUCTION Medical practice has attained sufficient status to the extent that principles of law that are relev...Continue Reading »
104 pages | 0 hits | Source: LAW
» CHAPTER 1 GENERAL INTRODUCTION 1.0.0: INTRODUCTION Islamic law emphasizes the importance of fertility in both partners of a married couple...Continue Reading »
52 pages | 260 hits | Source: LAW
6. AN APPRAISAL OF THE IMPACT OF GENDER EQUALITY ON WOMEN’S RIGHT TO WORK OUTSIDE MATRIMONIAL HOME IN ISLAMIC LAW» ABSTRACT This study entitled: “An Appraisal of the Impact of Gender Equality on Women’s Rights to Work in Islamic Law” has examined ...Continue Reading »
124 pages | 9 hits | Source: LAW
» ABSTRACT Generally, jurisdiction is a term of comprehensive import embracing every kind of judicial action. The fundamental nature of jurisdiction of ...Continue Reading »
57 pages | 96 hits | Source: LAW
» CHAPTER ONE GENERAL INTRODUCTION 1.0 Introduction In most countries, it has been accepted that democracy is the only system of government that seeks t...Continue Reading »
52 pages | 107 hits | Source: LAW
9. AN APPRAISAL OF THE LAW AND PRACTICE OF THE INVESTMENTS AND SECURITIES TRIBUNAL IN RESOLVING CAPITAL MARKET DISPUTES IN NIGERIA» ABSTRACT Corporate governance is a principled based system by which corporations are organised and managed. It is made up of rules and regulations and...Continue Reading »
52 pages | 69 hits | Source: LAW
» ABSTRACT Transportation is an integral factor in international trade and the contract of carriage of goods by sea, forms part of the complex web of tr...Continue Reading »
85 pages | 291 hits | Source: LAW