Examining the Challenges of Double Taxation Among SMEs in Otukpo LGA
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Background of the Study
Small and Medium Enterprises (SMEs) play a vital role in the economic development of Otukpo LGA. However, SMEs often face significant challenges related to double taxation, where they are subjected to multiple tax obligations by different tiers of government. This can result in financial strain on these businesses, potentially hindering their growth and sustainability. This study aims to examine the extent of double taxation faced by SMEs in Otukpo LGA and explore the challenges associated with navigating complex tax systems.
Statement of the Problem
SMEs in Otukpo LGA are often burdened by multiple layers of taxation, leading to increased operational costs and reduced profitability. The issue of double taxation, where businesses are taxed by both local and state governments on the same income, creates an environment of tax confusion and discourages entrepreneurial activity. This study will examine the challenges SMEs face due to double taxation and its impact on their growth.
Aim and Objectives of the Study
Aim: To assess the challenges of double taxation faced by SMEs in Otukpo LGA.
Objectives:
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To identify the types of taxes that contribute to double taxation among SMEs in Otukpo LGA.
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To examine the impact of double taxation on the financial performance and sustainability of SMEs in Otukpo LGA.
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To propose recommendations for resolving double taxation challenges for SMEs in Otukpo LGA.
Research Questions
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What types of taxes contribute to double taxation among SMEs in Otukpo LGA?
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How does double taxation affect the financial performance and sustainability of SMEs in Otukpo LGA?
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What strategies can be implemented to reduce or eliminate double taxation challenges for SMEs in Otukpo LGA?
Research Hypothesis
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H₀: Double taxation does not significantly affect the financial performance of SMEs in Otukpo LGA.
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H₀: There is no significant relationship between double taxation and the sustainability of SMEs in Otukpo LGA.
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H₀: Strategies to reduce double taxation will not significantly improve the financial performance of SMEs in Otukpo LGA.
Significance of the Study
This study will provide valuable insights into the challenges of double taxation faced by SMEs in Otukpo LGA, offering recommendations for policy changes that can support the growth and sustainability of these businesses.
Scope and Limitation of the Study
The study will focus on double taxation issues among SMEs in Otukpo LGA. Limitations may include difficulties in accessing data on the specific tax burdens faced by SMEs and the complexity of distinguishing between different types of taxation.
Definition of Terms
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Double Taxation: The imposition of tax by two or more tax authorities on the same income or transaction.
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SMEs (Small and Medium Enterprises): Businesses that are independently owned and operated, and are small in size, often contributing significantly to local economies.
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Tax Burden: The financial cost imposed on businesses through taxation.
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