IMPACT OF TAXATION ON SMALL SCALE BUSINESS IN A DEVELOPING ECONOMY

IMPACT OF TAXATION ON SMALL SCALE BUSINESS IN A DEVELOPING ECONOMY

Background Of The Study

Nigeria is a growing economy and following this ideology, the government can’t meet the need of every citizen and parastatal because of our population and inadequacy that came with the war, many lost properties business family etc. and the government lost stability and that price we are still paying till date.

Following this challenge various individuals decided they must move on with life and how did they achieve that, they had to trade and this trade gradually matured into small business and this small business gradually maintained their pace of transaction which helped them to exist and still in existence. Small business development is the way forward for any economy that want to grow and affect the citizens. This small business help to reduce the rate of unemployment in the society and at the long run the burden of employment by the government is reduced. It is becoming evident that small business which has seen neglected could affect the economy more than the industries, because these industries now make use of machines from point of start to finish of product, making man power employment not two important. The neglect given to small business has not been encouraging and following this neglect most small business cannot and will not be able to expand and grow as expected. The present day economy has created an unpleasant atmosphere for business that are growing because only the extra might rich individual can participate in the kind of business even a poor small business owner cannot be part of it.

Gratitude to this present day government and it’s team and expert and professionals at last something good is coming out, consideration finally is being given to small business following the understanding that small businesses are capable of pulling Nigeria out of the present economic situation locally materials and locally, it will increase the performance and growth of small business owner. The research work is intended to expose and examine the impact of taxation on small business. In a developed economy like Nigeria. Research and Investigation has shown that to maintain, increase and employ for services that will be beneficiary to the citizens. The general thing about taxation which the average small business owner those not known are as follows:

1. Maintenance of balance of payment.
2. Maintain of analysis of payment for good brought.
3. It helps to modify the pattern of investment.
4. Restraining the transfer of material resources from consumption to investment.

Taxation imposed on production services will in turn be the benefit of small business person who in turn would want to increase their profit.

1.2     Statement Of The Problem

Taxation existence or adoption generally increased the rate of unemployment, following: Thus fact that they can not afford to pay for more hands in there small business transaction they engage in thereby thing proper to make o with the little they have and what they can make out of it, by way of profit.

Therefore there has being unanswered and unattended issue on questions relating to taxation and it’s effect on small business. This questions generally are understanding gathered in respect to this project work and this bothering questions are as follows.

a.  Due to high level of payment involve and charged as tax company, i0ndividuals and small business shy and avoid payment of tax.

b.  Majority of business (small business) do no declare the company financial statement to the public.

c.   Many small business refuse to expand because of the attraction of tax officers.;

d.  The benefit inherent in the payment of tax are not given to the small business holder.

1.3     Objective Of The Study

1.  To find out the effect of taxation and individuals to investment through tax on small scale business in a developing economic.

2.  To investigate the effect of taxation o-n the growth of investment in a developing economy.

3.  To find out if the effect of taxation leads to unemployment in economy.

4.  To explore the various measure introduced to help boost production using local materials.

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