THE PROBLEMS AND PROSPECTS OF COMPANY INCOME TAX ADMINISTRATION IN NIGERIA
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Abstract
All companies in Nigeria are required by the Companies Income Tax Act 2007, to pay tax to the federal government on incomes or profits made by them; however, Nigeria’s economy is characterized by low tax compliance and enforcement. Low tax compliance is a matter of grave concern in many countries especially developing ones like Nigeria because it limits the capacity of their respective governments to raise revenues for development purposes. In the same vein, There is no gainsaying the fact that tax enforcement has become an essential aspect of tax administration in view of the ingenious ways corporate taxpayers, use to undermine the revenue generation process by not remitting what is due to government, under declaration of income as well as withholding revenue due to government for their own use etc. However, the question many Nigerians ask is, is there strict enforcement of corporate tax laws in Nigeria considering the low level of corporate compliance? This project examines The Problems and Prospects of Company Income Tax Administration in Nigeria.
TABLE OF CONTENT:
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Research Problem
1.3 Objectives of the Study
1.4 Significance of the Study
1.5 Research Questions
1.5.1 STATEMENT OF HYPOTHESES
1.6 Scope and Limitations of the Study
1.7 Conceptual and Operational Definition
CHAPTER TWO
LITERATURE REVIEW
2.0 OVERVIEW OF THE NIGERIAN TAX SYSTEM
2.1 NATURE AND DEFINITION OF TAXATION
2.1.1 REASONS FOR IMPOSITION OF TAX
2.1.2 FUNCTIONS OF TAXATION
2.1.3 EFFECTS OF TAXATION
2.2 NIGERIA TAX LAWS
2.3 HISTORY OF COMPANIES INCOME TAX
2.4 COMPANY INCOME TAX ADMINISTRATION IN NIGERIA ADMINISTRATION OF THE COMPANIES INCOME TAX ACT.
2.4.1 THE MINISTER OF FINANCE
2.4.2 FEDERAL BOARD OF INLAND REVENUE SERVICES (FBIRS)
2.4.3 THE GENESIS OF FEDERAL INLAND REVENUE SERVICES AND CONCEPT OF THE INTEGRATE TAX OFFICE.
2.4.4 COMPOSITION OF THE FEDERAL BOARD OF INLAND REVENUE.
2.4.5 FUNCTIONS OF THE FEDERAL BOARD OF INLAND REVENUE
2.4.6 POWER OF THE BOARD
2.4.7 TECHNICAL COMMITTEE OF THE BOARD
2.4.8 THE FUNCTIONS OF THE COMMITTEE
2.5 THE JOINT TAX BOARD
2.5.1 COMPOSITION OF THE JOINT TAX BOARD
2.5.2 FUNCTIONS OF THE TAX BOARD
2.6 THE STATE BOARD OF INTERNAL REVENUE.
2.6.1 FUNCTIONS OF FIRS
2.7 IMPOSITION OF COMPANY INCOME TAX
2.7.1 TAXABLE/CHARGEABLE PROFITS
2.7.2 EXEMPTION
2.7.3 ACCOUNTING FOR INCOME TAX
2.7.4 COLLECTION PROCESS AND PROCEDURESCOLLECTION
2.7.5 COMPANIES INOCOME TAX RATES
2.8 RETURNS, ASSESSMENT AND PAYMENT OF TAX
2.8.1 PERIOD FOR FILING OF RETURNS
2.8.2 PENALTY FOR LATE SUBMISSION OF RETURNS
2.8.3 ASSESSMENT OF INCOME TAX
2.8.4 PROVISION TAX ASSESSMENT
2.8.5 OBJECTION TO ASSESSMENT
2.8.6 PENALTY FOR LATE PAYMENT
2.9 PROBLEMS OF COMPANY INCOME TAX ADMINISTRATION
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Research design
3.2 Areas of the study
3.3 Sample and sampling procedure
3.4 Instruments for data collection
3.5 Validation of the instruments
3.6 Reliability of the instruments
3.7 Methods of data collection
3.8 Method of data analysis
CHAPTER FOUR
DATA ANALYSIS AND RESULTS
4.1 Data Analysis
4.2 Results
4.3 Discussion
CHAPTER FIVE
SUMMARY CONCLUSIONS AND RECOMMENDATIONS
5.1 summary
5.2 Conclusions
5.3 Recommendations
Bibliography
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