THE EFFECT OF COMPANY INCOME TAX ON NIGERIA ECONOMY
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- NGN 3000
ABSTRACT
The contributions of Company Income Tax (CIT) to any economy globally cannot be overemphasized. Apart from the revenue function it performs for the government, it is also used to assist the national government to achieve the country’s macro-economic objectives in the areas of fiscal and monetary policies. It has been observed over the years in Nigerian economy that the taxation derived from companies has been grossly understated due to the improper administration of Nigerian tax system in the collection and assessment of companies in any fiscal year. Companies are known to be evading tax which is criminal in nature and also avoiding tax due to the various loopholes in the tax laws. Non-compliance with tax rules and regulations has been a bottle neck which is a key factor in the ineffectiveness in the management of Nigerian tax system. The main objective of this paper is to explore the relationship between company income tax in Nigeria and economic development of the nation. Primary and secondary data were applied in carrying out this research work. The findings reveal that there is a significant relationship between company income tax and Nigerian economic development, tax evasion and avoidance are major hindrances to revenue generation, on compliance with tax laws on the part of the tax payers are a hindrance and ineffective tax administration has given enough loop holes to poor generation of this major source of income. We recommend among others the computerization of the integrated tax operations for enhancement in revenue collections.
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