Compliance Challenges for SMEs in Funtua LGA
- Project Research
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- Table of Content: Available
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Background of the Study
Tax compliance is a significant challenge for SMEs, particularly in developing regions like Funtua LGA. SMEs often grapple with issues such as lack of awareness, complex tax procedures, and financial constraints, which hinder their compliance. Non-compliance not only attracts penalties but also undermines revenue collection and economic development.
In Funtua LGA, where SMEs are pivotal to local economic activity, understanding their compliance challenges is essential for creating supportive tax policies. This study investigates the barriers SMEs face in complying with tax regulations and offers recommendations for improvement.
Statement of the Problem
SMEs in Funtua LGA encounter compliance challenges such as high costs, limited knowledge of tax laws, and bureaucratic hurdles. These challenges lead to low compliance rates, affecting both business sustainability and government revenue.
Aim and Objectives of the Study
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To examine tax compliance challenges faced by SMEs in Funtua LGA.
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To analyze the factors contributing to non-compliance among SMEs.
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To recommend strategies for enhancing tax compliance in Funtua LGA.
Research Questions
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What compliance challenges do SMEs face in Funtua LGA?
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What factors contribute to non-compliance among SMEs?
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What strategies can improve tax compliance among SMEs in Funtua LGA?
Research Hypotheses
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SMEs in Funtua LGA do not face significant compliance challenges.
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Contributing factors do not significantly affect SME compliance levels.
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Proposed strategies do not significantly enhance tax compliance.
Significance of the Study
This study sheds light on the compliance challenges SMEs face in Funtua LGA, providing insights for tax authorities to simplify procedures and enhance compliance rates.
Scope and Limitation of the Study
The study focuses on SMEs in Funtua LGA, analyzing their compliance challenges. Limitations include reliance on self-reported data and limited generalizability.
Definition of Terms
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Tax Compliance: The adherence of SMEs to tax laws and regulations.
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Challenges: Obstacles preventing efficient tax compliance.
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SMEs: Small and Medium Enterprises operating in Funtua LGA.
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