– The Problems and Prospects of Company Income Tax Administration in Nigeria –
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INTRODUCTION
Every country in the world tends to generate income through tax administration. In Nigeria the company income tax administration aims and tries to tax each company in the state more effectively.
However the level at which the company income tax Administration in Nigeria tend to achieve its desired goals and objectives depends mostly on the tax office and the company that is operating in Abia state.
For the tax Administration in Nigeria to be effective the aspect of the companies been taxed should be considered adequately and more accurately so that the company would provide reliable financial performance information for assessment.
In which the federal government derives its income. Due to the ever changing tax administration policies in the country and modifications in the aspect of taxation in Nigeria some companies want to stay afloat and employ all kind of strategies that benefits them.
Some of them evade tax and some avoid tax. When tax in Nigeria is paid by the various companies operating in the state the revenue collected are used to provide utility services and providing additional government services such as in education and transport which are of great importance to the growth of the economy of the state and to the country.
Tax administration in the country is a very important aspect that assist in the provision of revenue to the economy of which the avoidance of tax payment by the companies in the country in general and in Abia state in particular will result to a serious damage to the revenue which should have been generated and used for the provision of infrastructure.
When a company is been taxed by the federal board of inland revenue (FBIR) the company is meant to give an accurate information about their income but some companies go to the extent of forgery in provision of their documents which gives an incorrect information to the board, thereby causing reduction in their tax assessment.
STATEMENT OF PROBLEMS.
The tax administration (collection and assessment of tax from companies is a difficult task. The assessment and collection of companies’ income tax as at when due has been a problem Associated with company income tax administration in Nigeria.
These problem through observation has been influenced by the following understated factors. Fraudulent under-declaration of income and making of incorrect returns by companies coupled with collusion of officials of FBIR staff with company under assessment. The problem of tax evasion is real and so much in Nigerian economy where individuals and companies use all means to evade tax.
The fact that the federal board of inland revenue (FBIR) is unable to bring their entities within the letter of the law is of a serious concern mostly in the area of highly government spending borrowing and when there is pressing need to improve revenue generations from all sources including taxation.
The problems of revenue losses to government due to fraudulent and illegal deals from her citizens and organizations within the country prompt the need for this research work.
BIBLIOGRAPHY
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