The Role of VAT in Promoting Small-Scale Industries in Gusau LGA
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Background of the Study
Small-scale industries (SSIs) are essential drivers of economic growth and employment in local economies. In Gusau LGA, these industries play a significant role in sustaining livelihoods and reducing poverty. VAT is a critical revenue source for the government and can indirectly support SSIs by funding infrastructure, providing incentives, and creating a conducive business environment.
However, the relationship between VAT and the promotion of small-scale industries remains complex. While VAT contributes to revenue that supports industrial development, high VAT rates and compliance burdens can hinder the growth of SSIs. This study examines the role of VAT in promoting small-scale industries in Gusau LGA, highlighting its benefits and challenges.
Statement of the Problem
Despite the potential of VAT to support small-scale industries in Gusau LGA, challenges such as high compliance costs and limited incentives hinder its effectiveness. This study investigates the role of VAT in promoting SSIs and explores measures to enhance its positive impact.
Aim and Objectives of the Study
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To evaluate the role of VAT in promoting small-scale industries in Gusau LGA.
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To identify challenges faced by SSIs regarding VAT compliance.
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To propose strategies for optimizing VAT's contribution to SSI development.
Research Questions
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What is the role of VAT in promoting small-scale industries in Gusau LGA?
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What challenges do SSIs face in VAT compliance?
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What strategies can optimize VAT's contribution to SSI development?
Research Hypotheses
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VAT does not significantly promote small-scale industries in Gusau LGA.
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Challenges faced by SSIs do not significantly affect their VAT compliance.
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Proposed strategies do not significantly optimize VAT's contribution to SSI development.
Significance of the Study
This study underscores VAT's role in supporting small-scale industries in Gusau LGA, offering actionable recommendations for stakeholders to enhance its impact.
Scope and Limitation of the Study
The study focuses on the relationship between VAT and the development of small-scale industries in Gusau LGA. Limitations include limited access to financial data from SSIs and variations in respondents' understanding of VAT policies.
Definition of Terms
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VAT: Tax levied on goods and services at each stage of production.
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Small-Scale Industries (SSIs): Small-sized enterprises engaged in production and services.
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Promotion: Efforts to support and sustain industrial growth.
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