THE EFFECT OF TAX REFORMS ON SMALL BUSINESS TAXATION IN NIGERIA
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- NGN 5000
Abstract: THE EFFECT OF TAX REFORMS ON SMALL BUSINESS TAXATION IN NIGERIA
This research explores the effect of tax reforms on small business taxation in Nigeria, with a focus on Lagos. The study's objectives are to analyze the impact of recent tax reforms on small businesses, assess the compliance challenges, and evaluate strategies for managing tax liabilities. A survey design was employed, with data collected from 300 small business owners and tax professionals, derived using Taro Yamane's formula. A case study of a small business association in Lagos provided comprehensive insights. The reliability coefficient score was 0.87. Findings indicate that recent tax reforms have had significant impacts on small businesses, including increased compliance burdens and tax liabilities. Effective tax planning and seeking professional advice were found to be crucial strategies. Recommendations include simplifying tax laws for small businesses, providing more support and resources for compliance, and enhancing public awareness about the implications of tax reforms.
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