Income Tax
NAME: OGODETON KELVIN OKIEMUTE
DEPARTMENT: ACCOUNTING
COURSE CODE: ACC325 (ASSIGNMENT)
MATRIC NO: 09AA08569
TOPIC: ‘Income tax is one of the major sources of revenue for all government in Nigeria and it is a factor to be recon with in both the state and the Federal Government body….It is an enforced contribution of money enacted pursuant to legislative authority….Analyze the importance and the problems of TAXATION and the way forward in Nigeria………….’
INTRODUCTION
Income taxes provide the largest single source of government revenues in most developed countries or developing countries for example Nigeria. Indeed, Taxation is one of the most vital elements or sources of income imposed on both individuals and corporations by the government in order to enable them raise funds to implement capital and recurrent projects that would definitely lead to the betterment of the state……..
Income tax, has no doubt, been one of the major sources of revenue to governments at different levels i.e. the different tiers of government (Federal, State and Local) and it is a ‘thing’ to be reckoned with in order to ensure the growth and well being of the Nigerian economy. Income taxation has so many roles to play in the development of the Nigerian economy.
IMPORTANCE OF TAX
The importance of tax regulations cannot be over-emphasized, as most transactions with any Ministry, department, or government agency cannot be concluded without evidence of tax clearance. i.e. a Tax Clearance Certificate certifying that all taxes due for the three immediately preceding years of assessment have been settled in full.
Tax serves myriad functions. The revenue generated from taxation sustains the economic and social needs of the Nation. In fact, taxation serves multifarious ends, some of which have GOVERNMENT, ECONOMIC and SOCIAL bearings.
IMPORTANCE OF INCOME TAX FROM THE GOVERNMENTAL BEARING
The importance of tax to the politically are as highlighted as follows;
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DEPARTMENT: ACCOUNTING
COURSE CODE: ACC325 (ASSIGNMENT)
MATRIC NO: 09AA08569
TOPIC: ‘Income tax is one of the major sources of revenue for all government in Nigeria and it is a factor to be recon with in both the state and the Federal Government body….It is an enforced contribution of money enacted pursuant to legislative authority….Analyze the importance and the problems of TAXATION and the way forward in Nigeria………….’
INTRODUCTION
Income taxes provide the largest single source of government revenues in most developed countries or developing countries for example Nigeria. Indeed, Taxation is one of the most vital elements or sources of income imposed on both individuals and corporations by the government in order to enable them raise funds to implement capital and recurrent projects that would definitely lead to the betterment of the state……..
Income tax, has no doubt, been one of the major sources of revenue to governments at different levels i.e. the different tiers of government (Federal, State and Local) and it is a ‘thing’ to be reckoned with in order to ensure the growth and well being of the Nigerian economy. Income taxation has so many roles to play in the development of the Nigerian economy.
IMPORTANCE OF TAX
The importance of tax regulations cannot be over-emphasized, as most transactions with any Ministry, department, or government agency cannot be concluded without evidence of tax clearance. i.e. a Tax Clearance Certificate certifying that all taxes due for the three immediately preceding years of assessment have been settled in full.
Tax serves myriad functions. The revenue generated from taxation sustains the economic and social needs of the Nation. In fact, taxation serves multifarious ends, some of which have GOVERNMENT, ECONOMIC and SOCIAL bearings.
IMPORTANCE OF INCOME TAX FROM THE GOVERNMENTAL BEARING
The importance of tax to the politically are as highlighted as follows;
•
References: • Google • Encarta • Dominic Asada Esq. LLB, (Hon) B.L, LLM • European Journal of humanities and Social Sciences. • Nigeria Business