IMPACT OF TAXATION AS AN AID TO ECONOMICS DEVELOPMENT

CHAPTER ONE

1.0  INTRODUCTION

ONE OF THE MAJOR FUNCTIONS OF ANY GOVERNMENT ESPECIALLY DEVELOPING COUNTRIES SUCH AS NIGERIA IN THE PROVISION OF INFRASTRUCTURE SERVICE SUCH AS ELECTRICITY, PIPE-BORN WATER, HOSPITALS, SCHOOLS, ACCESS ROADS AND AS WELL ENSURE A RISE IN PER CAPITAL INCOME POVERTY ALLEVIATION TO MENTION A FEW. FOR THESE SERVICE TO BE ADEQUATELY PROVIDED GOVERNMENT SHOULD HAVE ENOUGH REVENUE TO FINANCE THEM.  THE TASK OF FINANCING THERE ENOUGH REVENUE TO FINANCING THERE ENORMOUS RESPONSIBILITIES IS ONE OF THE MAJOR PROBLEM FACING THE GOVERNMENT. GIVEN THE LIMITED RESOURCES OF GOVERNMENT, THERE IS NEED TO CARRY THE CITIZENS (GOVERNED) ALONG HENCE THE IMPOSITION OF TAX ON ALL TAXABLE INDIVIDUALS AND COMPANIES TO AUGMENT GOVERNMENT’S FINANCIAL POSITION.  TO THIS END, GOVERNMENT HAVE ALWAYS ENACTED VARIOUS TAX LAWS AND REFORMS EXISTING ONES TO STAND THE TASTE OF TIME.  THEY INCLUDE: INCOME TAX MANAGEMENT ACT (ITMA) COMPANIES INCOME TAX DECREE (CITD) JOINT TAX BOARD (JB) ETC. ALL THESE ARE AIMED AT ENSURING ADHENCE TO TAX PAYMENT AND DISCOURAGING TAX EVASION AND AVOIDANCE.

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