THE ANALYSIS OF EFFECTIVENESS OF VALUE ADDED TAX (VAT) IN FEDERAL GOVERNMENT REVENUE GENERATION AXATION AS A MAJOR SOURCE OF REVENUE IN NIGERIA

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THE ANALYSIS OF EFFECTIVENESS OF VALUE ADDED TAX (VAT) IN FEDERAL GOVERNMENT REVENUE GENERATION TAXATION AS A MAJOR SOURCE OF REVENUE IN NIGERIA

ABSTRACT

The federal government being a non‑profit oriented organization generates its revenue through various sources. These 1 hources include: Taxes, Loan and grants, Investment, Rates and Rents, Court Fees, Royalties, and, Sales of confiscated properties. Tax being the paramount of government revenue source is sub divided into: Personal Income Tax, Companies Income Tax, Petroleum Profit Tax. Capital Transfer Tax, Value Added Tax, Education Tax and Capital Gains Tax. In this project work, we shall be looking into the Value Added Tax (VAT), which is the most effective of all other Taxes, due to the process and procedures involved in its collection. In chapter one of this project work, we shall be, discussing briefly the historical development of the VALUE ADDED TAX (VAT) the structure also the scope of VALUE ADDED TAX (VAT). In chapter two we shall be looking into people’s opinions and ideas on’ Taxes generally, precisely on the VALUE ADDED TAX (VAT). However, In chapter three, the method used in this study will be explained in terms of population sample. Size and sampling technique Research instrument and method of data analysis collection of data analysis and statistical tools.

Attention will be focused on breakdown of the data collected as well as the analysis of the data and the testing of the hypothesis in chapter four, the final chapter of this project. will be the summation of the findings, the conclusions reached as well as providing practicable recommendations that can help in checking and restraining the savage cycle that has made VALUE ADDED TAX (VAT), ineffective in terms of revenue generation.

CHAPTER ONE

1.0 INTRODUCTION

VALUE ADDED TAX (M) as it is called is one of the means through which the government generate fund and could be said to be the most effective of all other taxes due to the process and procedure of its collection. Generating funds generally through the public tax be faced with a lot of administrative bottlenecks, this is why we are looking at VAT and to compare it with other taxes and see how effective they are and to use VAT as a means or yardstick of measuring the effectives

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THE ANALYSIS OF EFFECTIVENESS OF VALUE ADDED TAX (VAT) IN FEDERAL GOVERNMENT REVENUE GENERATION TAXATION AS A MAJOR SOURCE OF REVENUE IN NIGERIA

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