ABSTRACT
The
contributions of tax 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.
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 project is to explore the relationship between taxation
and economic development of the country.
Primary and secondary data were applied in carrying out this research work.
Chi-square was used to analyze the
relationship between tax and Nigerian economic development. Tax evasion and
avoidance are major hindrances to revenue generation, on compliance with tax
law on the part of the tax payers in a hindrance and ineffective tax
administration has given enough loopholes to poor generation of this major
source of income. We recommend among others the computerization of the
integrated tax operations for enhancement in revenue collection.
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