THE ROLE OF AI IN TAX COMPLIANCE AND MANAGEMENT: A CASE STUDY OF SMALL BUSINESSES IN ENUGU STATE
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CHAPTER ONE
1.1 Background of the Study
Tax compliance is a critical aspect of any business operation, ensuring that companies adhere to tax regulations and avoid legal issues. Small businesses often struggle with tax compliance due to limited resources and knowledge of complex tax codes. This can result in errors, fines, or missed tax opportunities, jeopardizing business sustainability.
Artificial Intelligence (AI) offers a solution by automating tax calculations, generating tax reports, and ensuring compliance with the latest regulations. AI-driven tax management systems can also analyze business data to identify tax-saving opportunities, reducing costs and enhancing compliance.
This study explores the role of AI in improving tax compliance and management among small businesses in Enugu State. It examines how AI can streamline tax processes, reduce errors, and ensure regulatory adherence in the local business landscape.
1.2 Statement of the Problem
Small businesses in Enugu face challenges in navigating complex tax regulations, leading to compliance errors, missed deductions, and penalties. While AI offers a solution, there is a lack of understanding regarding its implementation and effectiveness in improving tax management for small businesses.
1.3 Aim and Objectives of the Study
The aim of this study is to assess the role of AI in tax compliance and management for small businesses in Enugu State. The specific objectives are:
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To evaluate the effectiveness of AI in automating tax compliance tasks.
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To explore how AI-based systems reduce tax-related errors and penalties.
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To identify the challenges small businesses face when adopting AI-driven tax management systems.
1.4 Research Questions
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How effective is AI in improving tax compliance for small businesses in Enugu State?
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What barriers exist for small businesses in adopting AI for tax management?
1.5 Research Hypotheses
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AI significantly improves tax compliance and reduces errors in tax reporting.
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AI-driven tax management systems reduce the risk of penalties and missed deductions.
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Small businesses face significant barriers in adopting AI due to cost and technical knowledge constraints.
1.6 Significance of the Study
This study provides valuable insights into how AI can simplify tax compliance for small businesses, ensuring legal adherence and identifying cost-saving opportunities. The findings will benefit small business owners, accountants, and policymakers looking to promote AI adoption.
1.7 Scope and Limitation of the Study
The study focuses on small businesses in Enugu State and their use of AI in tax management. It excludes larger businesses or other geographic regions. Limitations include potential biases in data reporting and the level of AI adoption.
1.8 Definition of Terms
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Artificial Intelligence (AI): Technology that enables machines to perform tasks by learning from data and making decisions.
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Tax Compliance: Adherence to tax laws and regulations, including the timely payment of taxes.
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Small Businesses: Companies with fewer than 50 employees and relatively low revenue.
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