An Assessment of the Relationship Between Corporate Governance and Tax Compliance in Taraba State
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Background of the Study
Corporate governance involves the systems, principles, and processes by which companies are directed and controlled. It encompasses a broad range of practices, such as board composition, accountability, transparency, and ethical conduct, which influence how businesses are managed and how they interact with stakeholders (Adeyemo, 2024). In the context of Nigeria, weak corporate governance practices have been identified as one of the factors contributing to poor tax compliance among businesses. The relationship between corporate governance and tax compliance has received growing attention, as tax revenue is vital for funding government projects and development programs. In Taraba State, a region that faces challenges such as underdeveloped infrastructure and limited revenue collection, ensuring effective corporate governance could play a crucial role in improving tax compliance.
Taraba State, which is predominantly agricultural, has a significant number of businesses that may lack effective corporate governance practices, particularly in terms of tax reporting and compliance. Tax evasion and avoidance are major issues in the state, and this study seeks to explore how corporate governance practices influence businesses’ willingness and ability to comply with tax regulations. By examining businesses in Taraba State, this research will assess whether stronger corporate governance can enhance tax compliance and, consequently, improve the state’s fiscal health.
Statement of the Problem
Tax compliance is a significant challenge in Nigeria, and Taraba State is no exception. Many businesses in the state, especially small and medium enterprises (SMEs), fail to comply with tax regulations due to weak corporate governance practices. This study seeks to evaluate the relationship between corporate governance and tax compliance, providing insights into how better governance practices might lead to improved tax compliance in Taraba State. The lack of research on this relationship within the context of Taraba State highlights the importance of this study.
Objectives of the Study
1. To assess the level of corporate governance practices among businesses in Taraba State.
2. To evaluate the relationship between corporate governance and tax compliance among businesses in Taraba State.
3. To examine the impact of corporate governance on the financial health and sustainability of businesses in Taraba State.
Research Questions
1. What is the level of corporate governance among businesses in Taraba State?
2. How does corporate governance influence tax compliance among businesses in Taraba State?
3. What is the relationship between corporate governance practices and the financial sustainability of businesses in Taraba State?
Research Hypotheses
1. There is a positive relationship between corporate governance practices and tax compliance among businesses in Taraba State.
2. Stronger corporate governance leads to better tax compliance among businesses in Taraba State.
3. Corporate governance practices significantly impact the financial health and sustainability of businesses in Taraba State.
Scope and Limitations of the Study
This study will focus on businesses in Taraba State, assessing the level of corporate governance practices and their impact on tax compliance. The study will examine both small and medium-sized enterprises (SMEs) as well as larger organizations. Limitations include potential biases in self-reported corporate governance practices and the difficulty in measuring the full financial impact of improved tax compliance.
Definitions of Terms
• Corporate Governance: The system of rules, practices, and processes by which a company is directed and controlled, including elements like board structure, accountability, and transparency.
• Tax Compliance: The adherence of businesses to tax laws and regulations, including accurate reporting of taxable income and timely payment of taxes.
• Small and Medium Enterprises (SMEs): Businesses that are independently owned and operated, typically having a small to moderate number of employees and revenue.
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