An Assessment of the Contribution of Company Income Tax on the Nigerian Economic Development
This study examined the contribution of company’s income tax on Nigerian economic development. The study utilized secondary data sourced from Central Bank of Nigeria (CBN) Statistical Bulletin and Federal Inland Revenue Service (FIRS). The study employed Statistical packages for social science (SPSS) technique for the analysis collected data, where Natural logarithm of Gross Domestic Product (GDP), the dependent variable stands as a proxy for economic development, and Company Income Tax (CIT), stands as the independent variables. The results of the analysis showed that company income tax does not have significant and positive contribution on the Nigeria economic development from the period of 2011 to 2015. In accordance with the findings, the study recommended that government should improve the level of supervision and regulating the activities of all agencies vested with responsibility of tax collections and administration, so that same amount realized as tax to be remitted to federation. Government officials or leaders need to be transparent and accountable in public monies. Monies collected from companies inform of company income tax (CIT) should be properly channeled to developmental project to benefit the citizens. And tax authorities should design penalties for defaulting companies. And finally, Tax clearance should also be presented when an individual company’s wants to transact with government agencies.
Ariyo, A. (1997). Productivity of the Nigeria Tax system; 1970-1990 Department of Economic, university of Ibadan. Nigeria.
Akpotoboro, P. (2009). Doing Business in the oil & Gas sector in Nigeria.Uk Tradeand investment conference presentation paper.
Aguolu,O. (2009). Taxation and Tax Management in Nigeria, 3rd Edition, Enugu; Meridan Associates.
Burgess Ronald (2003). Public Revenue without Taxation, Shepheard-Walwyn(Publishers) Ltd, London.CBN 2011-2015 Annual Report and Statement of Account for the year ended 31st December 2015. Central Bank of Nigeria, Abuja.
Chartered Institute of Taxation of Nigeria UTN .(2011). Companies and Allied Matters Act
CITA .(2004) .Companies Income Tax Act.CAP.C21 LFN.
Chartered institute of Taxation of Nigeria CITN.(2002). Nigeria Tax Guide and statutes. CITA publication.
Institute of chartered Accountants of Nigeria ICAN .(2006) .Tax management and Fiscal policy in Nigeria VI publishing LTD.
James .(2008). Impact of Tax Administration on Government Revenue in Developing Economy: A Case Study of Nigeria. International Journal of Business and Social Sciences, 3(8): 99-113
Federal Inland Revenue Service.(2015).Annual summary of collected tax in Nigeria. Available from www.firs.gov.ng.Global Alliance for Tax Justice, 2015.Position Paper and Recommendations for the Third UN Conference on Financing for Development.
Lewis SR Jr. (1994).Taxation for Development: Principles and Application. New York: Oxford University Press.
Lekan .(2006). Taxation: Principles and Practice in Nigeria. Ibadan: Silicon Publishing Company.
Maduggba, et al .(2013).An Appraisal of Personal Income Tax Evasion in Nigeria. Asian Economic and Financial Review, (4): 16-40
Oluba, M.N.(2008). Justifying Resistance to tax payment in Nigeria, Economics Reflections .volume B no 3 april 2008
Ojo, S. (2008). Fundamental Principles of Nigerian Tax, Lagos, Sagribra Tax Publications
Ojo, S. (2008). Fundamental Principles of Nigerian Tax ,Text Written, Second Edition.
Sanni, A,U .(2007). Tax Reform in the Capital Market: A welcome Development. Seminar paper.
World Bank .(1991).Lessons of Tax Reform, World Bank Washington DC.
Copyright (c) 2018 Ibrahim Aliyu Gololo
This work is licensed under a Creative Commons Attribution 4.0 International License.