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Product Category: Projects
Product Code: 00001079
No of Pages: 51
No of Chapters: 5
File Format: Microsoft Word
Price :
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TABLE OF CONTENTS
Title Page
Certification i
Dedication ii
Acknowledgement iii
Table of Contents iv
CHAPTER ONE
1.1
Background of the Study 2
1.2
Statement of Problem 3
1.3
Objective of the Study 4
1.4
Relevance of the Study 5
1.5
Scope and Limitation of the Study 6
1.6
Definitions of Terms 7
CHAPTER TWO
LITERATURE REVIEW
2.1
Nature of VAT 8
2.2
Meaning of VAT 9
2.3
Introduction of VAT 10
2.4
VAT Administration and Policies 11
2.5
VAT and Sales Tax 21
2.6
Salient Provisions of VAT 1993 23
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1
Historical Background of (Federal Board of
Inland
Revenue) 24
3.2
Functions of the Case Study 26
3.3
Research Design 27
3.4
Description of Population 28
3.5
Sampling Plan 29
3.6
Administration of Questionnaire and
Interviews 29
3.7
Limitations of Methodology 30
CHAPTER FOUR
ANALYSIS OF FINDINGS
4.1
VAT Collection Procedures 31
4.2
VAT The
4.3
Importance of VAT on Government Tax Revenue 36
4.4
Problems of VAT 38
4.5
Prospects of VAT 40
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1
Summary 43
5.2
Conclusion 44
5.3
Recommendation 45
Bibliography 46
Questionnaire
CHAPTER ONE
INTRODUCTION
Value Added Tax
is a consumption tax, which came to existence on
The study group
conducted a feasible study of the new tax, which after consideration was
approved by the government.
The introduction
of value Added Tax in
This was
successful in terms of revenue generation, because of this many other states
introduced it in other to foster growth and development in the society. The
role of the government in
·
Provision of the legal framework and a social
environment conductive to the effectiveness of the price system.
·
Creation and maintenance of social and economic
infrastructure.
·
Redistribution of income
·
Reallocation of resources
·
Provision of macro economic objective
In other for the
government to accomplish this tax, it requires substantial revenue which will
be derived from the value added tax.
1.1 BACKGROUND
OF THE STUDY
The match
towards value added tax in
Consequently the
decision was made public in the 1992 budget speech. This resulted in the
setting up of the modified value added tax (MVAT) committee on
Value Added Tax
is a tax imposed on the value that is added to goods and services as they pass
through the registered person in the course of their taxable activities up to
the final consumer. The net effect is that the final consumers pays vat while
the registered person’s role in the process is to collect the tax for the
Federal Board of Inland Revenue FBIR. It is important to consider some details,
some elements in the definition of VAT, as this will explain the trouble that
the VAT Directorate of FBIR must go into in the identification and registration
of taxable persons.
1.2 STATEMENT
OF PROBLEM
Various problem
bedevil the introduction of VAT because of the poor Administration and
implementation of VAT is subjected to:
This often rises
doubt about the effectiveness of VAT other problems include:
·
Why is the provision for establishing and
administering of VAT inconsistence?
·
What are the legal backings on authority to pay
tax?
·
How can the administration of VAT be managed?
·
How realistic is the cost of training and
development of administration of VAT?
·
How is tax management involve in the
administration of VAT?
·
Is there any deficiency in the tax system in
·
Why are Government policies not consistent?
·
What are the causes of delay on the part of
government agencies in carrying out government legislation?
·
How can indiscipline, corruption and
mismanagement or government fund be minimized?
1.3
OBJECTIVE
OF THE STUDY
This research
project focuses on the effect of value Added Tax on revenue generation of
government and underlisted points are the objective to carry out this
research.
·
To analyse the basis purpose of tax.
·
To make a careful consideration of the
implementation of VAT.
·
To examine the method of calculating VAT
returns.
·
To find out and state the causes of deficiency
in VAT.
·
To substantiate the introduction of VAT
·
To acquire more knowledge on the effect of VAT.
·
To investigate ways to minimize tax evasion and
avoidance.
Value Added Tax
being a new nomenclature in the
1.4 RELEVANCE
OF THE STUDY
The smooth
implementation of VAT and effective and efficient collection of the tax, hang
primarily on a sound system of operation designed especially for the constant
review in order to make appropriate where necessary to reduce or eliminate any
problem noticed.
Being a new tax
system, there is also the need to look beyond now and into the future to
ascertain the relevance of the new form of tax to the
The study is
also important for the following reasons:
·
It will create a general awareness amongst
populace.
·
It helps to determine whether implementation
operating vat is a worthwhile venture.
·
It will serve as a documentation in the
·
It will ratify weakness in the procedure already
established.
·
It will assist decision making in policy
formulations that is in respect to tax matters especially VAT.
1.5 SCOPE
AND LIMITATIONS OF THE STUDY
The scope of the
study.
The study
centers only on the effect of VAT operation in
The population
of the sampled are restricted to
Relevant data
records and information were received from Federal Board of internal revenue
(FBIR). Other sources of data are the response given by the people in the
sample population.
The research
work also been designed exclusively to cover three main categories of people.
They are the relevant federal board o internal revenue, tax pay and the
government.
LIMITATIONS OF THE STUDY
In the process
of carrying out this research study, there are some limited factors envisaged
in the course of this project work.
The following
are the underlisted factors:
·
Finance
·
Inadequate time to thoroughly carryout the
study.
·
Conferred access to require information.
·
Scanty statistics.
1.6 DEFINITIONS
OF TERMS
1)
Taxation:
means of raising money through tax.
2)
Tax: compulsory levy enforced by governments on
corporate bodies and individuals to raise revenue.
3)
Direct
tax: Tax whole incidence full on the tax payer.
4)
Tax
Authority: The body empowered by law to administer tax.
5)
Tax
incidence: Tax burden that is final consumer that bears the burden in
indirect tax.
6)
Vat: Value
added tax paid on spending.
7)
Ratable: Any
goods and services on which tax is payable.
8)
Ratable
person: Any person (individual or corporate).
9)
Indirect
tax: Tax whose incident is usually transferred by the initial suffered of
the tax to another person.
10)
Input
vat: Vat paid by the ratable person on goods ad services purchased by or
supplied to him.
11)
Output
vat: Vat receive by the ratable persons on goods and services sold or
supplied by him.
12)
Revenue: Another
name for income generation from a source.
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