– Appraisal of Federal Inland Revenue Collection System –
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ABSTRACT
A tax is a compulsory levy imposed on the income or profit of an individual, partnership and corporate organisations for the financing of government expenditure without recourse to a corresponding benefit from tax payer. Assessments are raised on total profit at the rate of either 30 percent or 20 percent if it is a small company whose turnover is below ₦1million naira. Various types of assessment s are raised on the company.
This could be self-assessment, government assessment, back year assessment, best of judgement (BOJ) assessment or jeopardy assessment. Collection is basic necessity to tax revenue after assessment has been raised. This research work is aimed at appraising the tax collection system in Nigeria taking Federal Inland Revenue Service as a case study. It examined the workings both at the local and state levels but focused more on the Federal Inland Revenue Services.
It reviewed the old system, the reasons why a new idea muffed. The operations of the new method were also explained and clearly stated. The methodology adopted in this study is the survey research design. There were interactions with staff of Federal Inland Revenue Service of various cadres and a few tax payers and tax consultants with structured questionnaire to know their opinion.
TABLE OF CONTENTS
Certification = = = = = = = i
Title Page = = = = = = = ii
Dedication = = = = = = = iii
Acknowledgement = = = = = = iv
Abstract = = = = = = v
Table of contents = = = = = = = vi
List of tables = = = = = = = vii
CHAPTER ONE
INTRODUCTION = = = = = = 1
1.1 BACKGROUND OF THE STUDY = = = 1
1.2 STATEMENT OF THE PROBLEM = = = 7
1.3 AIMS AND OBJECTIVES:= = = = = 8
1.4 RESEARCH QUESTION = = = = = 9
1.5 RESEARCH HYPOTHESIS= = = = = 10
1.6 SIGNIFICANCE OF THE STUDY = = = 11
1.7 SCOPE OF THE STUDY = = = = = 12
1.8 LIMITATION OF THE STUDY = = = = 12
1.9 DEFINITION OF TERMS = = = = = 12
REFERENCES = = = = = = 15
CHAPTER TWO
LITERATURE REVIEW
2.1 HISTORY OF TAX IN NIGERIA = = = 16
2.2 FEATURES OF A GOOD TAX SYSTEM: = = 27
2.3 NIGERIAN TAX HISTORY = = = = = 29
2.4 STRUCTURE OF TAX: = = = = 32
2.5 TAX AUTHORITIES = = = = = = 36
2.5.1Composition of the Board = = = = = 39
2.6 POWERS AND FUNCTIONS OF THE SERVICE = 40
2.6.1 Functions of the Service = = = = = 41
2.6.2 Technical Committee of FBIR Composition = 43
2.6.3 Local Government Revenue Board = = = 44
2.6.4. Joint State Revenue Committee = = = 45
2.7. COLLECTION PROCEDURE = = = = 46
2.7.1The Due Date of Payment = = = = = 47
2.7.2 Self Assessment = = = = = 48
2.7.3 Undisputed Assessment = = = = = 49
2.7.4. Resolved Disputed Assessment = = = 49
2. 7.5. FIRS Powers to extend the Due Date of Payment 50
2. 8. TAX COLLECTION SYSTEM = = = = 52
2.8.1 FIRS e-Payment System = = = = = 53
2.9 TAX CREDIT AND REFUND SYSTEM = = 55
2.9.1 What is Tax Credit? = = = = = 56
2.9.2 Categories of Tax Credit in Nigeria = = = 58
2.9.3. Withholding Tax = = = = = = 59
2.9.4. Penalty for Non-Deduction = = = 61
2.9.5 Value Added Taxes = = = == = 62
2.9.6 Petroleum Profit Tax = = = = = 64
2.10 TAX REFUND = = = = = = = 65
2.10.1 Refunds Arising from Collecting Banks = 67
2.10.2 How to Claim Tax Refunds = = = 68
REFERENCES = = = = = = = = 73
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 INTRODUCTION = = = = = 75
3.2 RESEARCH DESIGN = = = = = 75
3.3 POPULATION DESCRIPTION = = = = 75
3.4 SAMPLES SIZE = = = = = = = 75
3.5 VALIDATI0N OF THE INSTSRUMENT = = 76
3.6 DISTRIBUTION AND RETRIEVAL OF THE
INSTRUMENT = = = = = = = 78
3.7 METHOD OF DATA ANALYSIS AND
STATISTICAL TOOLS = = = = = 78
3.8 SUMMARY = = = = = = 77
REFERENCES = = = = = 82
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS = = = 83
4.1 DATA PRESENTATION AND INTERPRETATION = 71
4.2 RESULTS FOR TESTING HYPOTHESIS = = 93
4.3 FINDINGS OF THE STUDY = = = = 96
4.4 DISCUSSION OF THE FINDINGS = = 97
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND
RECOMMENDATIONS = = = = = = 100
5.1 SUMMARY OF FINDINGS = = = = = 100
5.2 CONCLUSION = = = = = = = 101
5.3 RECOMMENDATIONS = = = = = 101
5.4 SUGGESTION FOR FURTHER STUDIES = = 104
BIBLIOGRAPHY = = = = = = = 105
QUESTIONNAIRE = = = = = = = 108
INTRODUCTION
A tax is a compulsory levy imposed on the income/profits of an individual, partnership and corporate organizations for the financing of government expenditure without recourse to a corresponding benefit from tax payer. Every tax imposed on Nigerian companies or organisations needs continual interpretation of its specific application and effect on the various transaction of the organisation.
The field of taxation changes every moment or every day as announced by the new ruling courts and also as are being made by new government. Tax is paid only on the profit of the company after all other deductions and allowances such as capital allowance, investment allowances. The rate of tax levied and payable for each year of assessment in respect of the total profit of every company is thirty kobo for every naira as contained in section 29 of Companies Income Tax Act 2007 as amended.
A company which is yet to commence business after at least 6 months of incorporation shall for each year it obtains a tax clearance certificate pay a levy of (a) xiii ₦20,000 for the first year and (b) ₦25,000 for every subsequent year before a tax clearance certificate is issued.
REFERENCES
Adeola, S.M. (1998) Income Tax and Administration in Nigeria,
University Press Ltd., Ile-Ife.
Adesanya, M.O. and Oloyide E.O. (2002), Business Law in Nigeria:
University of Lagos, Evans Brothers Ltd. Lagos.
Adesola, M.M. (1986), Income Tax and Administration in Nigeria:
Ile-Ife, University of Ile-Ife, Press Ltd.
Arogundade, J.A. (2005), Nigeria Income Tax and its International
Dimension: Ibadan: Oklay Printers, (Nig) Ltd.
Nzotka, S.M. (2005), “Human Problems of Taxation”, Seminar
Paper presented at NIM Uyo Chapter Seminars, Uyo 2004.
Okaumi J. (2008), A Seminar paper on direct payment and
collection of taxes to selected Banks.
Okonkwo, I.E. (1994), Nigeria Personal Income Tax (Theory &
Practice) Global Rays academic Publishers Ltd., Enugu.
Ola, C.S. (2001), A Guide to accountancy and taxation law for
Business and government, 2nd edition, Ibadan University
Press Ltd., Ibadan.
Olakanmi S.C. (2008), Compendium of Tax Laws: Abuja Law
Lords Publications.
StudentsandScholarship Team.
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