TABLE OF CONTENTS
Title page i
Certification ii
Dedication iii
Acknowledgement iv
Table of content vii
CHAPTER ONE
INTRODUCTION
1.1 Background
of the study 1
1.2 Objective
of the study
1.3 Significance
of the study
1.4 Scope
of the study
1.5 Research
methodology
CHAPTER TWO
LITERATURE REVIEW
2.1 Preamble
2.2 Philosophy
of Nigeria taxation
2.3 Evaluation
of Nigeria taxation
2.4 Effect of taxation on cash flow return on
investment and research in practical
2.5 Effect
of taxation on personal income
2.6 Personal
income gain
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Methodology
and source of data
3.2 Interview on taxes from account section of
Cocoa-Cola Bottling Company, Ilorin
CHAPTER FOUR
PRESENTATION ANALYSIS AND INTERPRETATION OF DATA
4.1 Taxation
of investment in securities municipal bond
4.2 Management
expenses if investment companies
4.3 Federal
personal income tax
4.4 Federal
Estate taxes
4.5 Federal
Estate and gift taxes
4.6 Brief
historical development
CHAPTER FIVE
SUMMARY CONCLUSION AND RECOMMENDATION
5.1 Summary
5.2 Conclusion
5.3 Recommendation
References
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Taxes are the most important source
of government revenue. A tax can be defined as a compulsory levy imposed by a
public authority in one’s incomes, consumption and production of goods and
services. Taxes are levied on personal incomes (consisting of salaries,
business profit interest income dividend royalties etc) company profits,
petroleum profit capital gains and capital transfers.
For a payment or collection to be
considered as a tax, it should posses the following characteristics.
a. It is a compulsory payment imposed by
the government on the people residing in the country. Since it is a compulsory
levy, any person who refuses to pay a tax is liable to punishment. A levy the
payments of which is voluntary is not a tax buy a contribution or donation.
b. A tax must be for common use. It must
be for common good, the government uses the revenues collected from taxes for
providing hospitals, schools, public utility services etc. which benefits every
citizen of the nation.
c. A tax is not levied in return for any
specific services rendered by the government to the taxpayer. An individual
cannot ask for any special benefit from the government in return for the tax
paid by him or her.
1.2 OBJECTIVE OF THE STUDY
The objective of writing this project
work is to view the impact of taxation law on investment activities in Nigeria.
In view of this fact, the study will
take a look at whether business activities management recorded or prepared in
their financial statement as stipulated by the tax law.
In the course of the study the
researcher shall also take a look at the concept of tax law in Nigerian and
also make suggestions and recommendation on taxation in Nigeria.
1.3 SIGNIFICANCE OF THE STUDY
This study would help in enlightening
manager’s accountants, auditors, Business consultants, tax collectors financial
manager, government (federal, state and local joint tax board state internal
revenue board and federal board of Inland Revenue board, about the impact of
taxation law on investment activities in Nigeria.
It will also give the likely
suggestion solution to the problem-encountered in taxation law and also
highlight the necessary improvement on taxation law on investment activities Nigeria.
1.4 SCOPE OF THE STUDY
The study of the impact of taxation
laws on investment activities in Nigeria could be extensive since there are
lots of different business activities.
In Nigeria such as manufacturing
wholesales; retail, banking insurance, investment, financing, shipping, road
and transportation of tax payment affect the firm in an industry.
The extent of this research is
limited to the study of taxation and effect on a company or two company’s
activities in an industry. This impact on company is typical of others and
industry.
This project research work also examines
the impact of pay as you earn system of tax collection of purchasing power of
industry in pay employment and small trades concern.
Methods’ sending of some of the tax
liabilities has also been considered in this course o for the research work.
Government efforts in providing a
conductive economic environment that would inspire new in encourage existing
one towards a better performance through the provision on incentive and tax
benefit covered in this project.
1.5 RESEARCH METHODOLOGY
The method of the study is a very
crucial aspect in research work. However, several research methods are opened
for the use of the researcher, but the choice of method will assist in
evaluating the adequacy and efficiency of the research finding and conclusion.
Therefore, selecting a proper method
of investigation into a problem is a key consideration for this study due to
the fact that the topic being studied is not the type that every organization
appreciates its importance achievement of organization objectives. For this
reason, the researcher as a student decided to use personal interview in
gathering the secondary data required for the desired result.
1.6 DEFINITION OF TERMS
TAX: A tax can
be defined as a compulsory levy imposed by the government of a nation on the
incomes, consumption and production of goods and services of the citizen.
LAW: It is a
system of rules that a society or government develops in order to deal with
business agreement, social relationship and crime.
INVESTMENT: It
is the activity of buying shares or putting money into a bank account in order
to obtain a return informs of divided or interest.
ACTIVITY
(IES): This can be defined as the services that
required certain number of time and skill.
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