Challenges of Corporate Taxation in Faskari LGA
- Project Research
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Background of the Study
Corporate taxation plays a pivotal role in generating revenue for local governments, but businesses often face challenges in complying with tax laws. In Faskari LGA, corporate tax issues may be compounded by factors such as insufficient infrastructure, limited tax education, and weak enforcement mechanisms. Understanding these challenges is crucial for improving tax compliance and ensuring that businesses contribute effectively to local revenue generation. This study aims to explore the specific challenges faced by businesses in Faskari LGA regarding corporate taxation, focusing on both internal and external factors.
Statement of the Problem
Despite the importance of corporate tax in local government revenue generation, businesses in Faskari LGA face numerous challenges in fulfilling their tax obligations. These challenges hinder effective tax collection and may negatively affect the LGA’s ability to generate sufficient revenue for development. The study seeks to identify and assess the challenges of corporate taxation in Faskari LGA.
Aim and Objectives of the Study
Aim: To explore the challenges of corporate taxation faced by businesses in Faskari LGA.
Objectives:
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To identify the main challenges businesses face regarding corporate tax compliance in Faskari LGA.
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To assess the impact of these challenges on revenue generation in the LGA.
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To propose solutions to overcome these challenges and improve corporate tax compliance.
Research Questions
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What are the primary challenges businesses face regarding corporate taxation in Faskari LGA?
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How do these challenges impact local revenue generation in Faskari LGA?
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What measures can be taken to improve corporate tax compliance in Faskari LGA?
Research Hypothesis
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H₀: There are no significant challenges faced by businesses in Faskari LGA regarding corporate taxation.
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H₀: The challenges of corporate taxation do not significantly affect revenue generation in Faskari LGA.
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H₀: Measures to improve corporate tax compliance will not significantly address the challenges in Faskari LGA.
Significance of the Study
This study will help local government authorities in Faskari LGA identify key challenges in corporate taxation and recommend strategies to improve tax compliance, thereby enhancing revenue generation for the development of the LGA.
Scope and Limitation of the Study
The study focuses on the challenges of corporate taxation faced by businesses in Faskari LGA. Limitations include potential bias in responses from business owners and challenges in collecting accurate data on tax compliance practices.
Definition of Terms
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Corporate Taxation: The process of taxing businesses based on their income, assets, or other business-related criteria.
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Tax Compliance: The adherence to tax laws and payment of taxes by businesses.
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Local Revenue Generation: The process of collecting taxes and other forms of revenue by local governments to fund development projects.
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