AN EVALUATION OF THE SIGNIFICANCE OF THE VALUE ADDED TAX ACT IN REVENUE GENERATION IN NIGERIA


For more Public Law Project click here



TABLE OF CONTENTS

Title Page
Table of Statutes
Table of Cases
List of Abbreviations
Table of Contents
Abstract

Chapter One
1.0       GENERAL INTRODUCTION
1.1 Background to the Study
1.2 Statement of the Problem
1.3 Aim and Objectives of the Research
1.4       Scope of the Research
1.5       Research Methodology
1.6       Literature Review
1.7       Justification
1.8       Organizational Layout

Chapter Two
2.0 CONCEPTUAL CLARIFICATION
2.1 Introduction
2.2 Supplies
2.3 Consideration
2.4 Taxable Persons
2.5 Taxable Supply
2.5.1 Supplies Made in Nigeria
2.5.2 Supplies Made by Taxable Person
2.5.3 Supplies in Furtherance of Business
2.5.4 Exemption and Zero Rating
2.6 Meaning, Nature and Scope of VAT
2.4 Value Added Tax and Tax Policy

CHAPTER THREE
3.0 LEGAL AND INSTITUTIONAL FRAMEWORK
3.1 Introduction
3.2 Statutes on Value Added Tax
3.2.1 The Constitution
3.2.2 Acts and Decrees
3.2.3 Laws by State Government
3.2.4 Bye-Laws of Local Government
3.3 Value Added Tax Administration
3.4 The Structure of Value Added Tax Administration
3.4.1 Federal Inland Revenue Service
3.4.1.1 Establishment of FIRS
3.4.1.2 Composition of the FIRS Board
3.4.1.3 Functions of the Board
3.4.2 Value Added Tax Technical Committee
3.4.3 Tax Appeal Tribunal
3.4.4 Joint Tax Board
3.4.4.1 Powers of JTB
3.4.4.2 Functions of JTB
3.4.5 State Tax Authority
3.4.6 Local Government Revenue Committee

CHAPTER FOUR
4.0 ASSESSMENT OF VALUE ADDED TAX
4.1 Introduction
4.2 Tax Assessment and Collection Procedure
4.3 Returns and Remittances of VAT
4.4 Power of Inspection of Value Added Tax
4.5 Duties of Tax Officers
4.6 Assessment of Value Added Tax
a)         Taxable Goods and Services
b)         Vatable Person
c)         VAT Registration
d)         VAT Returns
e)         VAT Records and Accounts
4.7 Offences and Penalties of VAT

CHAPTER FIVE
5.0       SUMMARY AND CONCLUSION
5.1       Summary
5.2       Findings
5.3       Recommendations
5.4       Conclusion
References



ABSTRACT


This research work aims at evaluating the role and significance of the Value Added Tax (VAT) Act in Revenue Generation in Nigeria. This examines the role played by the Value

Added Tax as one of the source of government‟s revenue. It also assesses the fact whether it has achieved the essence of its introduction. In this research doctrinal method of research was adopted in discussing the subject matter. This work delved into the legal framework of value added tax in Nigeria. The institutional structures for the administration of Value Added Tax were analysed with the aim to assessing their efficacy in revenue generation. It also took a cursory look at the assessment procedure of Value Added Tax. It was discovered in the course of the research that the law in Nigeria on VAT is faced with the problem of absolute tax practices, whereby taxes overlap, so that a single transaction may be subjected to a series of taxes e.g VAT on imported goods and Excise and Custom duty. The work found out that the punitive measures under the taxing law is not for deterrence but aimed at extinguishing small scale enterprises. The work recommended that the National Assembly should review the punishments in the Value Added Tax Act to accommodate it basic reasons which are reformation and deterrence. The punitive measures should aim at reforming the vatable persons to ensure voluntary tax compliance than pushing them out of the business. This work shall be of immense benefit to students of law, legal practitioners, legislators, academia and judges.




CHAPTER ONE


1.0  GENERAL INTRODUCTION


1.1  Background to the Study


Taxes are levied by government to raise revenue that will help in the administration of government-such as paying salaries and allowances to civil servants. Revenue raised by taxation enable the government to provide infrastructural facilities like schools, hospitals, housing, roads, defence, law and order and other socio-economic and cultural facilities1.

According to Feyikemi Balogun, Ajumogobia and Okeke2, the issue of taxation is fast gaining relevance in the Nigeria society in recent times as it has become a viable alternative source of government revenue, a tool of social engineering and societal class structural adjustment by the various tiers of government.

Nigeria introduced the Valued Added Tax Act in 19933 to impose and charge value added tax on certain goods and services and to provide for the administration of the tax and matters related thereto. Value Added Tax (VAT) was introduced by the Federal Government of Nigeria in 1993 to replace Sales Tax. The aim was to increase the revenue base of government and make funds available for developmental purposes that will accelerate economic growth4. Propelled by the objectives of imposing tax government at various levels device different methods of generating revenue in other to attain and sustain its set objectives. The state governments in particular are looking inwards towards taxation to augment the revenue received from the federation account to meet their ever increasing capital and recurrent expenditure. If only the government will judiciously.....

For more Public Law Project click here


___________________________________________________________________________
This is a General Thesis for both Undergraduate & Postgraduate Studies. The complete research material plus questionnaire and references can be obtained at an affordable price of N3,000 within Nigerian or its equivalent in other currencies.


INSTRUCTION ON HOW TO GET THE COMPLETE PROJECT MATERIAL

Kindly pay/transfer a total sum of N3,000 into any of our Bank Accounts listed below:
·         Diamond Bank Account:
A/C Name:      Haastrup Francis
A/C No.:         0096144450

·         GTBank Account:
A/C Name:      Haastrup Francis
A/C No.:         0029938679
After payment, send your desired Project Topic, Depositor’s Name, and your Active E-Mail Address to which the material would be sent for downloading (you can request for a downloading link if you don’t have an active email address) to +2348074521866 or +2348066484965. You can as well give us a direct phone call if you wish to. Projects materials are sent in Microsoft format to your mail within 30 Minutes once payment is confirmed. 

--------------------------------------------------------
N/B:    By ordering for our material means you have read and accepted our Terms and Conditions


Terms of Use: This is an academic paper. Students should NOT copy our materials word to word, as we DO NOT encourage Plagiarism. Only use as guide in developing your original research work.

Delivery Assurance
We are trustworthy and can never SCAM you. Our success story is based on the love and fear for God plus constant referrals from our clients who have benefited from our site. We deliver project materials to your Email address within 15-30 Minutes depending on how fast your payment is acknowledged by us.

Quality Assurance
All research projects, Research Term Papers and Essays on this site are well researched, supervised and approved by lecturers who are intellectuals in their various fields of study.
Share:

Search for your topic here

To view a full list of Project Topics under your Department

Featured Post

Article: How to Write a Research Proposal

Most students and beginning researchers do not fully understand what a research proposal means, nor do they understand ...

Popular Posts