This research focuses mainly on the impact of Nigerian tax policies on the economy and small businesses in Nigeria. The taxes collected by the government no doubt emanate from varying sources ranging from personal income tax, company income tax, capital gain tax, property tax, education, tax, task but to list a few. Small and Medium Enterprises play a very important role in development of the Nigerian Economy.
What must be done to address the challenges of tax policies in Nigeria to suite small businesses?
The first tax law legislation was introduced in 1919 and ever since then taxes have evolved through a number of reforms. What are the influences of the challenges of tax policies in Nigeria on small businesses and the economy? They are perceived as minute establishments that have minimal effect on the state of the economy. Despite the services provided, small and medium scale business enterprises performance in Nigeria is still poor. The challenges of taxation in Nigeria are outlined in-order for drastic measures to be taken to tackle these challenges and meet the prospects of the general public so that revenue from tax policy to the government can be increased. In order to achieve the objectives stated above, the following research questions were used as a guide in achieving the objectives of this research: What are the various challenges facing tax policies in Nigeria?
Chapter four presents the results of the study as well as data analyzed, and the interpretation of the analyzed data. The importance of Small businesses as a mechanism of economic growth and development is often ignored. It was found out that from most Small businesses surveyed; they were faced with the problem of high tax rates, multiple taxation, complex tax regulations and lack of proper enlightenment or education about tax related issues.
Income obtained from taxation of individuals and businesses are used to run governments as well as provide infrastructure such as good roads, water supply, and electricity which are essential for the smooth running of these businesses that are mainly manufacturing companies and as such rely on these commodities to survive. Therefore, in dealing with small and medium scale enterprises, these unique qualities need to be considered. Data was collected from both primary and secondary sources. What are the influences of the challenges of tax policies in Nigeria on small businesses and the economy?
In levying of taxes for these enterprises in particular, issues that need to be considered are how these tax policies can be designed to bolster the growth of Small businesses and the most effective ways to administer them. Every business operates within an economic environment and are therefore susceptible to the changes that takes place in the economic policies overtime. Therefore, in dealing with small and medium enterprises, these unique qualities need to be considered. The importance, effect, causes, relationship, comparison, history, role, solutions are discussed. They are perceived as minute establishments that have minimal effect on the state of the economy. The study was carried out to find out the impact of taxes on small and medium scale business enterprises in Nigeria.The study aimed at assessing the performance of business enterprises in Nigeria, finding out if tax payers are aware of all their tax obligations, policies and problems affecting them as well as their businesses. In many government policies, small and medium scale enterprises are usually viewed and treated in the same light as large corporations. Taxes imposed by Nigeria on small/medium scale Enterprises include: business registration fee, Environmental Sanitation Fee, Fire Service Fee, Development Tax, Market Taxes, Produce Fee, Revenue Tax, Emblem levy, retail permit and trade permit etc. H2: There is a significant relationship between multiple taxation and the growth of small-scale enterprise. Etc. But in the case of SMEs, tax must be done in such a way that puts their income and need for survival into consideration. << A Study carried out by the Federal Office of Statistics shows that in Nigeria, Small and Medium Scale Enterprises make up 97% of the economy (Ariyo, 2005).
This makes it highly important for businesses to be informed on various ways these policies affect their sales, profitability and overall objectives.
The study applied both qualitative and quantitative research designs … c. Many small business refuse to expand because of the attraction of tax officers. Chapter five gives summary, conclusion and also recommendations made of the study. The findings indicated that the performance of small scale business is affected by stock levels, capital employed, daily expenses, daily sales and the average amount of taxes paid annually.Most business owners are aware of taxes paid, uncertain of the mode of assessment and little assistance is given as regards tax awareness. /Filter /FlateDecode Chapter three deals on the research design and methodology adopted in the study. The Nigerian government has made some recommendable efforts to promote development through taxation since the inception of the current taxation laws for purposes of promoting development.
Taxation is one of the major fiscal policies the government of any nation can use to achieve economic stability and in the financing of capital expenditure. ABSTRACT This is a research work on the impact of taxation on small-scale business in a developing economy. ��|s!�/'_N~8;��|v��$����,m���/�פ���E������?�E;��T�-|n�E3���2�矒r>K����E?���� ���.z���ǥZ��+y�����' _�b$rs���y�㲷 ^/�%�Vt���ԯɂg��6~RZ����O'?���v�TleӦ����'�"�i��d�ܦ�5ČިȊ��7�d��v=?����ћ�UZ��&�-���v��||���'�+Om>�e��,Cfn/O��wc��q���-*u�f�m�i+-���RG�%eM�S���E=�vU�y�i�XK�|9�'�e��42�^QA?��i��rM�5i �Gf�a:NY�Ԉο'�)3~����* ���. stream Various taxes are levied upon the income, wealth or gain of an individual, family and business firm by the government for the purpose or benefits of the general public. An economy that enacts favorable and progressive tax laws and policies will definitely breed successful and finance-healthy business organizations.
Panitchpakdi (2006) sees SMEs as a source of employment, competition, economic dynamism, and innovation which stimulates the entrepreneurial spirit and the diffusion of skills. This was to give guidance in assessment and computation of taxes (Campsy, 1997). The study applied both qualitative and quantitative research designs where interviews and questionnaires were used. These rates seem to be taking an upward trend (Gordon and Dawson, 1987) which has led to winding up of some small scale business enterprises. The main objective of this study is to ascertain the effect of multiple taxation on growth and development of small-scale enterprise in Nigeria. The Nigerian Tax System has undergone significant changes in recent times. Get Complete Project Material File(s) Now!
THE IMPACT OF TAXATION ON SMALL SCALE BUSINESS IN A DEVELOPING ECONOMY (A CASE STUDY OF EKENE DILI CHUKWU NIGERIA LIMITED ENUGU). taxation and SMEs in Nigeria H 2: There are effective multiple taxation system on the growth and development of small/ medium scale enterprises 5. Over the years, small and medium scale enterprises have been an avenue for job creation and the empowerment of Nigeria’s citizens providing about 50% of all jobs in Nigeria and also for local capital formation. Under current Nigerian law, taxation is enforced by the 3 tiers of Government, i.e. 2. âTerms of UseâContact Usâinfo@researchclue.com, Making Awesome Presentations: Tips and Tricks for Project Defense, Challenges of Personal Income Taxation in Ghana. International research in this field shows that tax regulatory compliance costs are a significant portion of the total regulatory cost. The findings and recommendations of the researcher will help in building a strong and better tax policy system in Nigeria, if taken seriously by government and the general public. Income obtained from taxation of individuals and businesses are used to run governments as well as provide infrastructure such as good roads, water supply, and electricity which are essential for the smooth running of these businesses that are mainly manufacturing companies and as such rely on these commodities to survive. Government in order to meet up with its responsibilities of providing social infrastructures and other development projects for her citizens imposes taxes on her citizens. The study also gives a clear insight into the various causes of why small businesses fail in Nigeria as well as the challenges of the tax policies in Nigeria. In-order to achieve the purpose of this research, the following are the objectives of the research: To identify the challenges of Nigerian tax policies. The study was carried out to find out the impact of taxes on small and medium scale business enterprises in Nigeria. <<
The study lasted from January 2011 to April 2011. The study will also be beneficial to researchers who intend to embark on study in similar topic as the study will serve as a guide to their study. The specific objectives are: 1. In the same light, taxes are important for the government as they are the major source of funds for government expenditure. The scope of the study covers the effect of multiple taxation on the growth and development of small scale enterprise in Nigeria.
The 2005 year, therefore, saw the beginning of a process of structural change that was intended to build a positive tax compliance climate in Nigeria.
Multiple taxation on the other hand, is the imposition of different types of taxes that could have come under one major tax form on the people by the government.’ At times some of the taxes are christened levies. To examine the influence of multiple taxation on small businesses and the economy as a whole. This research focuses mainly on the impact of Nigerian tax policies on the economy and small businesses in Nigeria. This report is focused on the survey of the compliance experience of professional accountants and bookkeepers (referred to as “tax practitioners” for the purposes of this document) in respect of their small business clients in Nigeria. Again, a good tax system- should permit efficient and non-arbitrary administration and it should be understandable to the taxpayer.
Although smaller in size, they are the most important enterprises in the economy due to the fact that when all the individual effects are aggregated, they surpass that of the larger companies.
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