Taxation and its effect on the nigerian economy

tax administrator and tax payer and compel them to be transparent thereby improve revenue generation. Contributions of Petroleum Industry to Growth of the Nigerian Economy The contributions of the petroleum industry to growth and development of the Nigerian economy can be enumerated in terms of the industry‟s impacts on the economic variables responsible for economic growth in Nigeria. The economic diversification of Lagos contrasts with the larger Nigerian economy which is heavily reliant on profits from the oil and This study has the main objective of ascertaining the effect of privatization and commercialization of enterprises on the Nigerian economy. Poverty levels in Nigeria have not improved much over this period. It is more of a vicious cycle – a cause-and-effect; effect-and-cause situation. 7% from 1992-2009 (World Bank, 2015b), and in 2014 it became Africa's largest economy after updating its gross domestic product (GDP) from a 1990 to a 2010 base year (The Economist, 2014a). Owing to its illegal nature, any kind of products can be sold in there, as there is nobody to ask how and why. By virtue of its size, improved economic management and strong economic growth in Nigeria …government earnings from taxation will affect consumer spending and boost output production level. This conclusion points to the need for additional measures by government in ensuring that taxpayers do not avoid andImpact of Multiple-Taxation on Competitiveness in Nigeria Nihal Pitigala and Mombert Hoppe March 2011 Introduction Nigeria is Africa‘s most populous country and second largest economy after South Africa. 7. While the poverty gapEconomic Indicators for Nigeria including actual values, historical data charts, an economic calendar, time-series statistics, business news, long term forecasts and short-term predictions for Nigeria economy. 3. Impact of Black Market on the Economy The share of black market is huge in the world economy, and it has numerous direct and indirect effects on the same. Therefore, on a global scale, effective taxation is a regularly revisited topic of research and policymaking. To determine whether e-taxation …Jul 01, 2015 · Despite these challenges, Lagos has managed to generate revenue from a variety of sources, including manufacturing, transport, construction and wholesale and retail, which together account for a bulk of its GDP. The rate of contributions is defined as follows, where the contributor is an employee, 2. We also identified how oil revenues fed through to the economy by examining Nigerian federal and state budgets and performance assessments. 5% of his salary subject to a maximum of N 1,200 per annum; Where the contributor is an employer, 5% of basic salary subject. WITHHOLDING TAX: Nigerian law subjects certain activities and services to Withholding Tax. Taxes in Nigeria. (including Nigeria) and its effect on the economy. Mar 22, 2016 · Nigeria’s GDP per capita grew by 69. link among corporate income tax, value added tax and economic growth indeed exist in the Nigerian context. The study recommends that to ensure rapid economic growth in Nigeria, there is need for government to encourage local manufacturers of output through provisions of incentives from taxation. . Specifically we intend to compare the pre and post privatization and commercialization era, so as to determine the specific effect. Taxation became one of the central issues of the national economy which has a direct impact on the business environment and fiscal stability. 3. It is against this that this paper assesses the impact of e-taxation in revenue generation in Nigeria. Objectives of the Study 1. 11 …Oct 18, 2016 · All of the above enumerated effects of an economic recession father exacerbates the situation the longer it lasts. We obtained a range of coefficients from the literature review studies which we used to triangulate the results from the other components of our analysis. Thus the result offer tantalizing evidence that taxation is an instrument of economic growth in Nigeria

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