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ROLES OF TAX AUTHORITY IN THE PREVENTION AND DETECTION OF TAX FRAUD IN NIGERIA CASE STUDY OF OYO STATE BOARD OF INTERNAL REVENUE SERVICE AND SELECTED SMALL TAX PAYERS IN IBADAN)
CHAPTER ONE
INTRODUCTION
1.0. BACKGROUND TO THE STUDY
Taxation is not a new word in Nigeria or the world as a whole. In Nigeria, taxation has been in existence even before the coming of the colonial men or the British. Taxation can be defined as the system of imposing a compulsory levy on all income, goods, services and properties of individuals, partnership, trustees, executorships and companies by the government (Samuel and Simon, 2011;Yunusa, 2003). Income tax is one of the major sources of revenue to all government. In Nigeria, it is a factor to be reckoned with in Federal Government’s budget the taxes so collected come back to the taxpayer in form of services. This has over the years encouraged or discouraged some activities in the private sector; though, this depends on whether the policy of the government is towards discouraging or encouraging such companies (Ola, 1999). Taxation is recognized as a very important tool for national development and growth in most societies. It has viewed as a major vehicle for long term development of infrastructures of the state.
With the growth and increasing globalisation of businesses (including the increased mobility of capital and rise of e-commerce), the opportunities for taxpayers to violate tax laws are expanding, prompting the need for the tax administration to continually update and broaden the strategies it uses to deal with this problem.
Tax fraud occurs when an individual or business entity willfully and intentionally falsifies information on a tax return in order to limit the amount of tax liability . Tax fraud essentially entails cheating on a tax return in an attempt to avoid paying the entire tax obligation. Examples of tax fraud include claiming false deductions; claiming personal expenses as business expenses; and not reporting income.
Most developed countries are characterized by a broad base for direct and indirect taxes with tax liability covering the vast majority of citizens and firms. Developing countries, in contrast, are confronted with social, political and administrative difficulties in establishing a sound public finance system. As a consequence, developing and emerging countries are particularly vulnerable to tax fraud activities of individual taxpayers and corporations. This can be considered one of the primary reasons for large differences in the ability to mobilize own resources between developed and developing countries.
Detecting and preventing tax fraud and making sure that it cannot be repeated is not solely the responsibility of tax authority and tax officials. Without the cooperation of general public working in high risk areas, it is very difficult to detect illegal tax malpractice and illegitimate personal gain. Therefore, it is up to all levels of hierarchy in public institutions to create an environment of transparency, ethical conduct and accountability in order to ensure proper handling of the very important issues of prevention, detection and handling of tax fraud cases in among the general taxpayer.
The doctrine describes tax fraud as a form of deliberate evasion of tax which is generally punishable by law. The term ‘tax fraud’ includes situations in which deliberately false statements are submitted, fake documents are produced, etc. Sanctions may include civil or criminal penalties
Finally, the revenue generated by the government from taxation forms a major source of finance to the federal government capital expenditure which is crucial to sustainable economic development. A major challenge to the government in generating this revenue has been the increasing rate of tax fraud offences committed by both tax payers and tax officials.
Therefore tax fraud and other related tax offences are important factors to be considered as they affect both the volume and nature of government finances which is the key to economic development.
1.2. STATEMENT OF PROBLEM
Tax Fraud and other tax offences perpetrated by tax payer heavily harm the economy, lower investment levels and reduce government revenue generation. Anti-tax fraud and tax authority strategies are often not effective enough. Damages done to economy and their budgets as a result of tax fraud can be enormous ranging from financial loss to reduction of economy performance, reputation, credibility and public confidence.
Tax systems in many developing countries are characterized by tax structures being not in line with international standards, by lack of tax policy management, low compliance levels and inappropriate capacities in tax administration. The difference in revenue mobilization also stems from economic conditions (size of the informal sector).
In fact, most developing countries show a trend towards the prevalence of indirect taxation. Many of them rely to a great extent on indirect taxes such as value-added taxes (VAT) with indirect taxes amounting for up to two-thirds of total tax revenues, yet it is not new that, the negative menace of tax fraud deprives governments of revenues needed for public spending Forces honest taxpayers to pick up the tab Erodes community confidence in the equity of the revenue system.
Finally, the current method of collecting taxes/levies from tax payers lack proper organization and prone to obvious fraudulent activities, thereby resulting to loss of funds by the State Government. This however, leads to the inability of the Government meeting the basic projects requirements like rehabilitation of roads, building/ renovation of hospitals, schools and so on.
The tax administration system does not clearly states the strategy that is being used to apportion taxes or levies or charges to some key business enterprise like electronic shops, saloon, hawkers, petty shops, barbing saloon, recharge card resellers, cosmetics shops, super markets etc. Random amount is being collected as taxes/levies from these business enterprises, which might be below or over charged taxes; and most times the levies/taxes might not be remitted to the state Government or if remitted, a reasonable amount would have been diverted by the officers in charge of the collection. This situation occurs because there is no proper structure on ground to determine the exact monies and the number of petty shops or saloons in a given location, to enable the State Government to ascertain the actual figures, in terms of Naira and Kobo that is generated from most small scale businesses majority of who are individual taxpayers.
1.3. OBJECTIVES OF THE STUDY
The main objective of this research work is to assess the role of tax officials in the prevention and detection of tax frauds in Nigeria.
The research study will highly focus on specific objectives particularly which will be to:
Identify the concept of taxation and tax fraud offences under Nigeria tax system;
Identify legal and administrative measures used to address tax frauds.
Evaluate the techniques/modes adopted by the taxpayers in committing tax fraud.
Identify weaknesses in addressing tax fraud by tax authority.
Examine the impact of tax fraud offence on the revenue of the Government in particular and the economy of the country, as a whole.
Recommend mechanisms that should be used to control and curb tax fraud offences.
1.4. RESEARCH QUESTIONS
People talk about tax matters, complain about them and try to dodge them when they can. Some always pay; some always cheat; and some cheat when they think they can get away with it. Businesses also react to taxes, both in how they organize their activities and, perhaps, in where they carry them out.
This research is intended to find the possible solutions for the following questions:
Concept of taxation and tax fraud offences under Nigeria tax system?
What are the legal and administrative measures used to address tax frauds?
What are the various techniques/modes adopted by the taxpayers in committing tax fraud?
Weaknesses in addressing tax fraud by tax authority?
Are there any effect of tax fraud offence on the revenue of the Government in particular and the economy of the country, as a whole?
Recommend mechanisms that should be used to control and curb tax fraud offences.
1.5. STATEMENT OF HYPOTHESIS
The following null hypotheses were formulated and tested:
Hypothesis one
Hi: Tax officials plays a significantly role in the reduction/prevention of tax Fraud among taxpayers.
Hypothesis two
Hi: Tax fraud has drastically reduced revenue generation in Nigeria.
1.6. SIGNIFICANCE OF STUDY
Tax fraud is a general phenomenon that is probably as old as taxation itself. Wherever and whenever authorities decide to levy taxes, individuals and firms try to avoid paying them. Though this problem has always been present, it becomes more pressing in the course of globalization as this process extends the range of opportunities to circumvent taxation while simultaneously reducing the risk of being detected.
For the purpose of this study, this research study would contribute to the existing literature on tax fraud by focusing on reform of tax laws and policy in Nigeria with a view to identifying the critical problems on the collection of tax levy and causes of tax fraud among taxpayers so that appropriate measures could be taken to tackle them.
This study shall also seeks to set out, a concrete analysis of other tax fraud offences such as tax evasion/avoidance perpetrated by individual tax payers and corporations, and it will also consider the ‘dark’ side of professional practice by examining the involvement of tax officials in facilitating tax fraud, tax avoidance, tax evasion and other related tax offences in Nigeria.
Finally this study will be of great significance to government, tax officials, tax authority, small scale entrepreneur, investors, corporate organizations, schools and students who are regular taxpayers, it will serve as a reference point for student who would like to make future research or contribute to the existing literature.
1.7. SCOPE OF THE STUDY
In the light of broad coverage, the researcher focuses on the role of tax authority in detection and prevention of tax fraud in Nigeria, particularly among small tax payers in Ibadan, Oyo State.
The researcher limit his research to small scale entrepreneur in Ibadan Metroplis because they constitute 50percent of taxpayers in the states, some of which are used to avoiding the payment of tax, thereby reducing internal revenue generated by the state government.
1.8. LIMITATION OF THE STUDY
Little time and inadequate funds: the researchers was not able to generate complete and concrete research material, this is because of time and money constraints at the disposal of the researchers, on one hand, and the unwillingness and the busy schedule of the Tax officials, in the other, in order to provide us with more appeal cases and their valued opinions.
However, we had to convince the respondents by giving gentlemen word that the names of the corporate firms would not be disclosed in our study and the materials would be used for this study purpose only.
Not enough previous research work has been carried out on this study, thus creating a lump sum of work for the researcher, and extending the duration initially budgeted for the completion of the research study.
1.9. DEFINITION OF TERMS
1. Tax fraud: tax fraud occurs when an individual or business entity wilfully and intentionally falsifies information on a tax return in order to limit the amount of tax liability.
2. State Taxes: Personal Income Tax, Road Taxes, Pools betting and lotteries, Business premises registration, Development Levy, Naming of street registration in state capitals, Right of occupancy on land owned by state, and Market taxes on state financed taxes.
3. Tax Evasion: Tax evasion is a deliberate and wilful practice of not disclosing full taxable income so as to pay less tax.
4. Tax Avoidance: Tax avoidance has been defined as the arrangement of tax payers’ affairs using the tax shelters in the tax law, and avoiding tax traps in the tax laws, so as to pay less tax than he or she would otherwise pay
5. Non-Compliance: can be defined as the failure on the part of a taxpayer to correctly file returns, report actual income, claim the correct deductions, reliefs and rebates and remit the actual amount of tax payable to the authority on time.
6. Tax: is a compulsory levy payable by individual economic units or corporate bodies to government without any direct quid pro quo from the government.
7. FRAUD: is an act or course of deception, deliberately practiced to gain unlawful or unfair advantage; at the detriment of another.
8. Direct and Indirect Tax: direct taxes are levied on persons or property, while indirect taxes are levied on manufacture, sale, consumption, and the like, and are indirectly paid by the consumer.
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Tags: ROLES OF TAX AUTHORITY IN THE PREVENTION AND DETECTION OF TAX FRAUD IN NIGERIA CASE STUDY OF OYO STATE BOARD OF INTERNAL REVENUE SERVICE AND SELECTED SMALL TAX PAYERS IN IBADAN)
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A CRITICAL ANALYSIS OF THE PROBLEMS OF FINANCIAL MANAGEMENT IN LOCAL GOVERNMENT COUNCILS IN NIGERIA
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Local government in Nigeria has been changed by the constitution of the responsibility or grassroots development and such recognized as the third time of government. There has been a number of national conference and seminars in local government in various parts of the country. All these, one effective system of local government in Nigeria, this study is mortised by the derive to ascertain the reason why in spite of series of seminars and conference on local government administration especially on financial management in efficiency and Mis-management of resources are still rapid and uncontrollable in local government.
The introduction of 1976 local government reform in Nigeria made more specific duties of government which has contributed in no small measure towards making people feel more of the need for a strong government at the level more result oriented.
Unfortunately the local government has not been able to achieve most of its adequate financial resources which has been a major problem leading to instability and inefficiency as many local government are incapable of government in their different localities with the introduction of the 1976 reform position of local government system because the system made it possible for the local government to raceme most of their revenue from the federal state government. But the dependency on the statement for therefore it revenue have some notable disadvantages grants from centre. This could affect the cordiality of their service. In addition of grants from the central government also receive revenue t6hrough internal sources like fees and fines local licenses, rates on local government property interest and dividends retirement and miscellaneous income (slaughter fact etc.). Most often this revenue are not effectively collected and misappropriated out mostly be members of staff responsible for collecting it.
Aboh Mbaise local government is one of the oldest local governments in Imo State. It was created in 1981.
Geographically, Aboh Mbaise has a boundary with delta state in the North; it is bounded by rivers state.
At local government bounding in the North. It has bounding with Aguata local government at the east. It has boundary with Ihelas local government.
Aboh Mbaise local government is divided into three zones namely Enyiato local government, Ngwu local government, and okewuwu local government.
In the light of this therefore research as has been done in three states the financial management in order to final solution in solving them. In an attempt to do this we started with chapter one the introduction, background of the study, statement of the problem, objective of the study, scope of the study, chapter two deals with review of the related literature.
Chapter three deals with the design and methodology. These are subdivided in to areas of the study. Population of the study, sampling procedure. Techniques used instrument, method of data collection and method of data analysis.
Chapter four deals with presentation of and analysis with focus on testing of hypothesis and summary of the result.
Chapter five deals on discussion, recommendation and conclusion of the research implication of the research finding and suggestion for further research.
1.2 STATEMENT OF PROBLEM
The research is concerned with the problem of financial management in Imo State (a case study of Aboh Mbaise LGA) with the local government reform of 1976, local government become recognized as the throatier of government rested with the statutory power to discharge the duties and responsibilities of a government in order to achieve set objective and an efficient accounting system. It will be very difficult for local government management to keep close control of financial transaction, policy formulation mobilization and expending their resources. But things still differ in Nigeria local government because there have been complaints of inefficiency and Mis-management of local government revenue and as a case of Aboh Mbaise local government their case is not different. For example:
1. The council could not execute the proposed project of reconstruction regarding the major road that lead to Aboh to Ahiara and Chokonaeze to Mubutu.
2. They could not develop a good project like schools in Aboh Mbaise.
3. The council Mis-manage our funds while we don’t have electricity in our local government and pipe born water in Aboh Mbaise.
1.3 OBJECTIVE OF THE STUDY
Aboh Mbaise local government has so many financial obligation or function to reform. The research paper is carried out:
1. To find out how the generated revenue is controlled
2. To find out how what brings out the management of Aboh Mbaise local government revenue.
3. In finding out the financial management are being handling
1.4 RESEARCH QUESTIONS
1)How the generated revenue is being controlling by the Aboh Mbaise local government?
2)What brings out the Mis-management of Aboh Mbaise local government revenue?
3)How can the financial management of order are being handling by the top people in the local government.
1.5 SIGNIFICANCE OF THE STUDY
First the research is timely because not such studies have been conducted in the local government because the administration could not embark on development project but came to the chairmanship position for their personal again. It will help the republic chairman and other coming after him on how best to manage the present financial crises that militate against the development of Aboh Mbaise. Despite series of reforms and other attempts made by the federal and various state local governments the problem of financial administration and management exist.
1.6 SCOPE OF THE STUDY
The study covers only Aboh Mbaise local government area since allocation differs a very from local government to local government which depends in the formula for the allocation especially primary pupils enrollment lend mass central. It should be pertinent to role that there is general application of rules and regulation on the local government in Nigeria which they must strictly to. By this therefore what is applied in one local government is applied to the other because of their uniformity.
1.7 LIMITATION OF THE STUDY
Certain constraints are envisaged in the course of this project work:
1. Time was not enough to get material for the project work.
2. This is lack of statistical data to cover the needed areas
3. There is lack of finance to carry on the debt research work.
1.8 DEFINITION OF TERMS
Is allowing for better understanding of the research. It is considered necessary that some of the term used in the work be defined:
Financial: In the economic sense is defined as economic decision capable of enhancing social welfare or a resources allocation income distribution and stability aspect. It can also be defined as economic behavior of government into the facts, techniques principles theories rules directing and policies shaping and governing the use of financial resources of government.
Management: It can be defined as a mechanism where by the nature and structure of existing finance can be managed and analyzed to follow existing government policies as directed in the budget. Management includes when the allocation has been shared to various local government the strategies will be how to control the allocation and internal generated revenue to ensure efficiency management of fund.
Statutory allocation: A fund established by the federal government for pulling of extra –budgetary revenue of unexpected home especially from oil exporters. It is also provided sources of fund for emergency purpose.
Tax: Compulsory payment by individuals corporate organization and partnership into the pursue of government for running of its activities.
Tax avoidance: A legitimate way of not paying tax by engaging in non-taxable activities.
Tax evasion: An illegal way of not paying tax, one is liable to pay to government. It is a criminal offence.
Per capital income: A method of assessing the standard of living in any country. It involves determining potential income per person in an economy.
Multinationals: Large firms in Nigeria that are of the numerous subsidiaries of the parent companies abroad.
Foreign policy: Articulated course of section that defines Nigerians relationship with other country’s and its stand and attitude towards certain international issues.
Budget: An economic tool used by government to estimate its expected revenue and project expenditure over a period of time usually or yearly.
Marginal propensity of investment: That degree of increases in investment due to increase in income.
Inflation rate: The rate or speed at which the general price level are increasing.
Marginal propensity to consume: That degree of increase in consumption level as a result of increase income.
Debt conversion programme: A system initiated by the federal government through the central bank in which the country’s external debts are sold through auction to interested parties.
National rolling plan: A fiscal policy adopted by government especially during 1989- 2000 year which aimed at achieving real economics growth and macro economics , stability in order to fight the problems of unemployment and poverty in the society
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But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
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CAUTION/WARNING
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Tags: A CRITICAL ANALYSIS OF THE PROBLEMS OF FINANCIAL MANAGEMENT IN LOCAL GOVERNMENT COUNCILS IN NIGERIA
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INFORMATION:
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IMPACT OF FINANCIAL MANAGEMENT PRACTICES ON PROFITABILITY OF BUSINESS ENTERPRISES. CASE STUDY OF SME OPERATORS IN ILORIN METROPOLIS
CHAPTER ONE
INTRODUCTION
1.1. BACKGROUND TO THE STUDY
Business Enterprises (SMEs) are seen as a driving force for the promotion of an economy (Khan and Jawaid, 2004) and they contribute immensely to the economic development of any country.
According to OECD (1997), business enterprises play a major role in economic growth and development, creation of employment and income generation. Business enterprises in Nigeria contribute enormously to National Gross Domestic Product (GDP) and employment in the informal sector. It creates employment and leads to the export of locally manufactured goods and services as well as helping the local government authorities to generate tax revenues for socio-economic development.
As in most developing countries, small and medium-scale enterprises form a significant part of the economic growth. Nevertheless, they face a number of problems, including access to finance from formal sources, which is often considered to be the most important problem (MFPED, 2008). Consequently, the growth of the SME sector directly affects the performance of the nation. In all economies they constitute the vast majority of business establishments and they are usually responsible for the majority of employment opportunities created which account for one third to two thirds of the private sector turnover (Ntsika, 2002). It is estimated that SMEs contribute 56% of private sector employment and 36% of the Gross Domestic Product (GDP) worldwide (Arianoff, 2010). In many countries, SMEs have been a major engine of growth in employment and output over decades. In developing countries they are seen as a major „self-help‟ instrument for poverty eradication due to the ease of entry and exit.
The success or failure of small to medium enterprises (SMEs) is contingent on their financial viability and one of the most common problems facing such firms is their ability to secure sufficient cash flow and working capital to remain profitable.
Financial management is one of several functional areas of management which is central to the success of any small business (Meredith, 2006). Financial management is the management of finances of a business in order to achieve the financial objectives of the business. McMahon et al. (2008) defines financial management based on mobilizing and using sources of funds: Financial management is concerned with raising the funds needed to finance the enterprise‟s assets and activities, the allocation of theses scare funds between competing uses, and with ensuring that the funds are used effectively and efficiently in achieving the enterprise‟s goal.
Financial management as used in this study is composed of five (5) constructs and these include; working capital management which is also subdivided into cash management, receivables management and inventory management. Other constructs under financial management include; investment, financing, accounting information systems and financial reporting and analysis. Ross et al (2009) indicated three kinds of decisions the financial manager of a firm must make in business; these include the financing decision, and decisions involving short-term finance and concerned with the net working capital, investment and financial reporting.
Inefficient financial management may damage business efficiency and this will continuously affect the growth of the Small and Medium enterprises. However, efficient financial management is likely to help SMEs to strengthen their business efficiency and, as a result, these difficulties can partly be overcome, also regardless of the business enterprise, if the financial decisions are wrong, profitability of the such enterprises will be adversely affected. Consequently, a business organization’s profitability could be damaged because of inefficient financial management. Business Enterprises have often failed due to lack of knowledge of efficient financial management.
Similarly, Ang (2002) indicated three main financial decisions including the investment decisions, financing decisions and dividend decisions. Meredith (2006) asserts that financial management is concerned with all areas of management, which involve finance not only the sources, and uses of finance in the enterprises but also the financial implications of investment, production, marketing or personnel decisions and the total performance of the enterprise. However, such areas are not currently well embraced by SMEs in Nigeria and urgent attention needs to be paid to. Lack of effective management during SMEs early stages is also a major cause of business failure for small businesses. Owners tend to manage these businesses themselves as a measure of reducing operational costs.
1.2. STATEMENT OF PROBLEM
Financial management in SMEs is often different to that found in large firms due to the more dynamic nature of their cash flow cycle, general paucity of working capital, and their ability to raise finance through debt or equity (Welsh and White, 1981). SMEs also lack the financial management and accounting systems available to large firms, as well as the professional staff who manage such systems. Typically the owner-manager is required to perform these tasks, often, but not always, with support from a bookkeeper and an accountant. This is a pattern found throughout the world, both within the advanced economies that comprise the Organisation for Economic Co-operation and Development (OECD) group of nations, and the developing economies (OECD, 2010).
Poor business performance has for long remained unexplained most especially in the third-world countries perspective where the Small and Medium Enterprises occupy the large part of the economy. However, some studies from developed nations see (Nguyen, 2001) cite inefficient financial management practices to contribute immensely to SMEs poor business performance.
Thirdly, research indicates that most small businesses have inadequate financial structures and activities, this problem causes inconsistent SMEs financial records and large discrepancies arise in the ways the business enterpise report their financial positions. For example, many SME in developing countries may have two or three sets of books for different audiences. Auditing such financial records can be labor and time intensive, which raises the cost of loan processing for SMEs, in addition auditing such financial statement can be unreliable.
Finally, previous studies showed a relationship between working capital management and profitability of SMEs and other related constructs, these studies are from the developed nations and had looked mostly at working capital management without looking deeply on the multiplicative effect of various constructs of financial management practices, that is working capital management, financing, investing, financial reporting and accounting information systems and how all these affect profitability and business performance of SMEs.
1.3. OBJECTIVES OF THE STUDY
Starting and operating a small business includes a possibility of success as well as failure. Because of their small size, a simple management mistake is likely to lead to sure death of a small enterprise hence no opportunity to learn from its past mistakes. This may be attributed to lack of planning, improper financing and poor management has been cited as the main causes of failure of small enterprises.
It is against this realization that the current study aims to investigate the impact of financial management practices on profitability of SMEs.
The specific objectives of this study include:
1. Determine effect of working capital management practices on the profitability of SMEs in Nigeria.
Determine the extent of financial management practices employed by the SMEs and their effect on growth.
Examine how financial planning practices influence on the profitability of SMEs
Determine the influence of accounting information systems on the profitability of SMEs in Nigeria.
Scrutinize the effect of financial reporting and analysis practices on the profitability of SMEs in Nigeria.
Establish the relationship between financial management practices and business performance of SMEs.
1.5. STATEMENT OF HYPOTHESIS
The following hypotheses were tested for the research study:
Hypothesis one
Financial management practices positively influences Business and financial performance.
Hypothesis two
Working Capital Management as a financial management practice has a positive relationship to profitability of business enterprises.
1.6. SIGNIFICANCE OF THE STUDY
Most previous researchers have concentrated on examining, investigating and describing the behavior of Business Enterprises in practicing financial management. Their findings are mainly related to exploring and describing the behavior of business enterprises towards financial management practices and characteristics. There has been little research examining the impact of financial management practices on profitability.
The various management of business enterprises who contribute to 80% of the country’s economy will find this research work useful so also are the government of the country.
This research study will also be of immense benefit to all as it will provide indepth knowledge on the various aspect of financial management practices which may be adopted and implemented by management of various business enterprise.
Another group that will find this study useful is researchers, teachers and students of financial management sciences. While the topic: “ impact of financial management practices on profitability of business enterprises” may not be strange to them, its application to the small scale business organizations will definitely arouse their interest, which can be in the area of knowledge or adoption of this research for further study.
1.7. SCOPE AND LIMITATION OF THE STUDY
The scope of this study encompass on the impact of financial management practices on small and medium scale business enterprises using SMEs operator in Ilorin Kwara State as case study.
Ilorin Municipality is one of the vibrant commercial centers in the Ilorin region of Kwara State, Nigeria. Though the numbers of enterprises are growing at an accelerated rate; ineffective financial management practices are presumed to persist in the municipality. This implies that some of the enterprises in Taiwo Oke Municipality are not profitable and this might make it difficult for the enterprises to contract credit facilities from financial institutions because the financial institutions will always want to grant credit facilities to profitable enterprises.
The study is limited by time and resources available to the researcher.
1.8. DEFINITION OF TERMS
Financial management: FM is concerned with raising the funds needed to finance the enterprise’s assets and activities, the allocation of theses scare funds between competing uses, and with ensuring that the funds are used effectively and efficiently in achieving the enterprise’s goal.
Working Capital Management: Working capital management has many nuances in literature but the common definition deals with efficient management of firm’s investment in current assets and liabilities; such as cash, marketable securities, accounts receivable and inventory.
Capital Budgeting Management: Capital budgeting is the process of appraising and picking out long-term investments that is in consonance with the goal of increasing the value of owners.
Payback period talks of the amount of time that the enterprise needs to recoup its initial capital/funds invested.
Business enterprises are categorized predominantly based on ownership, namely; sole proprietorship, partnerships, corporations and limited liability companies including limited liability partnership
Financial Measures of performance: financial measures of performance can be referred to as the results of a company’s operations in monetary terms. Financial measures of performance are derived from the accounts of a company or can be found in the company’s profit and loss statement or the balance sheet.
Accounting Information System: An accounting information system (ais) is a system of collecting, storing and processing financial and accounting data that is used by decision makers. An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
Small and medium enterprises: Small and medium enterprise or small and medium-sized enterprise (SMEs, small and medium-sized scale business enterprise, SMBs and variations thereof) are companies whose personnel numbers fall below certain limits.
Profitability: The term profitability is referred to as the ability to make profits steadily over a long period of time.
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Tags: IMPACT OF FINANCIAL MANAGEMENT PRACTICES ON PROFITABILITY OF BUSINESS ENTERPRISES. CASE STUDY OF SME OPERATORS IN ILORIN METROPOLIS
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IMPACT OF COST CONTROL AND COST REDUCTION ON PROFITABILITY OF MANUFACTURING COMPANY. (CASE STUDY OF BLACKWORTH CONSTRUCTION COMPANY, KWARA STATE)
CHAPTER ONE
INTRODUCTION
1.1. BACKGROUND TO THE STUDY
A business objective is the starting point for any business organization to thrive and it provides direction for action. It is also a way of measuring the effectiveness or otherwise of the actions taken by the management of the organization. The main goal or objective of any business organization is to make and maximize profit while other secondary objectives include going concern, growth, corporate social responsibility, benefits to employees and so on. Though other objectives are also considered very important as listed above, but profit maximization is usually the ultimate because it maximizes the shareholders wealth which is the ultimate aim of investing in a business. People will naturally prefer to invest in a highly profitable business. Therefore, in the long run only the profit maximizers survive in the business environment.
However, for adequate profit to be recorded from a business there is a need for adequate control of cost. Robert (2007) stated that a company with adequate cost structure possesses the higher chance of attaining its profit target.
Prices of goods, raw materials and services are gradually increasing day by day, and due to the fact that the sole aim of a businessman, producer or manufacturer is to make profit they end up making use of low quality materials for production so as to reduce cost of production and maximize profit. Moreover, with the increase of competitors around, most of the producers have thought it wise to manufacture or package a quality product and also enhance their profit level. Cost control/reduction and profitability is the mainstay of every business entity and therefore represents the bottom line for every company. For a firm to be profitable, a clear and thorough understanding of all the factors that drive profit, as well as cost is very important (Adeleke, 2014).
Cost control is an important and has always been an important issue but perhaps most important in today’s unpredictable market with few exceptions, at no other time in history has the business market been more dynamic. Unlike the large scale enterprises, the small and medium scale enterprises (SMES) have been starve by financial needs, poor implementation and monitoring of projects, time and cost overrun, nonpayment of loans and harsh economic conditions. (Adam, 2005). Moreover, one of the most important traits for business success in a recession economy in especially Nigeria is that more and more manufacturing companies had been chased out of market and are thus using cost control and cost reduction as a competitive weapon.
However, a business enterprise must survive, grow, and prosper. Cost Control and Cost Reduction both are the activities necessary for ensuring that these objectives are fulfilled. With the current Economy situation of a developing economy such as Nigeria, there is now a cut throat competition from various business concerns of the countries. As a result there is now a race to secure a place for survival. This has increased the importance of Cost Control and Cost Reduction. Hence it is required to study the different tools and techniques used for the Cost Control and Cost Reduction. For the same we need to start with understanding deeply the concept of cost. Once we understand the meaning of cost, its controllability, main areas where cost arises, then we can think of how to control or reduce the cost. We can classify the cost according to their nature, behavior then we can easily know the cost which can be controlled or reduced.
One of the benefits of cost control is the ability of a company to keep cash flow at necessary levels of operations, that is, with cost control, excessive amount of cash are not too tied up in inventory, it prevents over supply of stock or over staffed departments and this keeps cash available for other purposes including navigating economic waves, expansion needs or repairs and maintenance of equipment. Many construction companies use outside assessments to analyse their efficiency including the result of cost control effort, this does not only bring new viewpoints to the process, but also provide important internal review. Sometimes it is difficult to be objective when you deal with management of a business on a day to day basis, but professional analysts can bring a broader scope to operations resulting in improved cost control strategies.
This elevated the interest of the researcher to bring to light of how this goal can be achieved through intensive study of the role of cost control and cost reduction on the profitability of manufacturing company in Nigeria.
1.2. STATEMENT OF PROBLEM
In recent years, the cost of products manufactured in Nigeria has been very expensive beyond the reach of common Nigerians. This cost challenges has made many products manufactured in the country unpatronized by the consumers, and as a result of that expires in the hands of the sellers. There is also a problem of poor inventory management which leads to overstocking thereby tying down the company’s working capital. Another problem facing some or most of the manufacturing firm is the installation of improper plan to reduce cost of production so as to maximize profit, i.e. ( making use of low quality raw material).
The sole aim of any business organisation is to make profit and most business owners believe that the best way to make profit is to increase sales and this brings up another conundrum. In order to increase sales, there must be a corresponding increase in cost because of the increased amount of work involved. These increased costs are what need to be curtailed.
Also, the exorbitant cost of running business in Nigeria has necessitated the need to focus on cost control and cost reduction as a means of achieving both the primary and secondary objectives of being in business, which include maximisation of profit and shareholder value. Up till now, many companies do not see cost management as a serious issue. No wonder why they frequently complain of low returns to capital employed. The inability to control or reduce cost incurred and attendant effect on profitability has forced some Nigerian firms to relocate their businesses to the neighboring countries, where they assume cost of running business will be relatively cheaper compared to what is happening in Nigeria.
Although the economic crisis has created enormous challenge for companies, as the economic times demanded that companies make the right management decisions if they were to survive, opportunities were also emerging companies were under increasing pressure to scrutinize all parts of the business processes to identified new areas of efficiency. Strategy cost management therefore became a tool to look unto as a competitive tool for business survival in the recessionary times.
Lastly, Manufacturing firms in Nigeria now operate within a turbulent business environment which has been characterized by high rate of inflation, intense competition by capacity utilization, depreciation and depreciation value of Naira, etc. As a result of the afore mentioned, many firms struggle to maintain satisfactory earnings in a situation where costs are rising but price increases are becoming more and more difficult to achieve, It therefore become a truism to state that three exist a problem in an organization where the cost method in operation is either not relevant or is not effectively applied to. Business organization is facing some setback in profit generation as a result of tributary allocation of cost to products and cost centre. This has been rise to:
High product cost
high product price
low turnover rate
Cost control and cost reduction method as usually adopted by an organization.
It is against this backdrop that this study seeks to evaluate the effect of cost control and cost reduction on profitability of manufacturing company.
1.3. OBJECTIVES OF THE STUDY
The general objective of the study is to appraise the impact of cost control and cost reduction on profitability of manufacturing company in Nigeria.
Other specific objectives are as follows;
Understand the basic concept of Cost, Cost Control, and Cost Reduction.
To determine the relationship between effective cost reduction measures and profit performance of Nigerian manufacturing firms.
Identify the role of costing as an instrument for expressing company’s policy or programme.
To ascertain the accounting systems which are designed to control costs.
Appraise various cost control techniques and its impact on Nigeria manufacturing firm.
Investigate whether cost control and reduction can be used as competitive strategy for survival tools in Nigeria business industry.
Ascertain the effect of adjusting the cost of an organization on the profitability of manufacturing company.
1.4. RESEARCH QUESTION
For emphasis on the study, the following research question can be used to throw more light on the study;
What are the basic concept of Cost, Cost Control, and Cost Reduction?
Are there any relationship between effective cost reduction measures and profit performance of Nigerian manufacturing firms?
What are the roles of costing as an instrument for expressing company’s policy or programme?
What are the various accounting systems designed to control and reduce costs?
What are the various cost control techniques and its impact on Nigeria manufacturing firm.
To what extent do cost control and reduction could be used as competitive strategy for survival tools in Nigeria business industry?
What effect does the adjustment in the cost of an organization exert on the profitability of manufacturing company?
1.5. STATEMENT OF HYPOTHESIS
The following hypothesis was formulated for this research work.
HYPOTHESIS 1
H0: There is no significant impact of effective cost control/reduction measures on the growth and profitability of Nigerian manufacturing firms.
HYPOTHESIS TWO
H0: Inefficient application of cost control and cost reduction techniques leads to a decline in the profit level of an organization, when other factors are constant.
1.6. SIGNIFICANCE OF THE STUDY
It remains an uncontroversial fact that anything done for a specific purpose has it importance. This could be advantageous or disadvantageous. This significance of this research lies in the fact that the author is now better armed to face such challenges squarely in future, should he find himself in an establishment that needs his/her services.
The research study will add to the pool of knowledge and help to instill cost consciousness amongst manufacturing firms in Nigeria and identify the cost control systems and cost minimization tools that suit the organization such that they will no longer claim ignorance or be left in the dark.
Furthermore, The result of this research work is expected to widen the view held by potential managers and other corporate bodies, who have been in one way or the other perhaps, been have parochial view of the needs of cost control. It will be of great benefit to manufacturing and processing industry(s).
Relevant industries will be exposed to determine the increased level of demand, which invariably increase profitability. Tax authorities and auditors are not left out of the benefits derivable from cost control and cost reduction. Increase revenue will subsequently boost infrastructures facilities.
It is believed that this paper will contribute to the body of existing knowledge and as well make up for the paucity of scholarly paper in Nigeria on cost control /reduction and firm profit performance. Also, it will be of assistance to the company management in their cost reduction activities as well as management accounting students in their future research study.
1.7. SCOPE AND LIMITATION OF THE STUDY
These research will reveal the essences of cost control and cost reduction in manufacturing firm in Kwara State, Nigeria, the cost structure of the sector, cost control measures adopted to minimize waste of resources and invariably the major procedures embarked to ensure that actual results are in line with the set standard; so that waste are measured and appropriate action taken to correct the activity. A case study of Visleri Table Water, Kwara State.
Also, this research work consists of five fine chapter. Chapter one is an introductory chapter, chapter two give an overview of the topic and chapter three is the research design and methodology while four is for data analysis and lastly is the chapter five where the author give his finding recommendation and conclusion.
In the process of carrying out this research work, the most nagging problem facing the study is how to obtain reference materials. The time to carry out the research is short and insufficient, since it is done alongside with some other courses to contend with so as to present a good result. There are also difficulties associated with personnel’s accepting to give vital information which will be of help to the researcher.
1.8. DEFINITION OF TERMS
1. Cost: This refers to expenditure incurred over a period of time to produce a product or a service.
2. Cost Control: This involves all efforts to keep the actual cost incurred in line with the pre-determined cost, and by the comparison of actual cost with their predetermined costs to revel unreasonable cost in order that step may be taken to identify and if possible remove the responsible factor.
3. Cost Reduction: An attempt to bring costs down from a previously accepted level. It is also a systematic effort to improve profit margins by eliminating all forms of waste and unnecessary expense without impairing the generation of revenues.
4. Just-In-Time (JIT): A manufacturing system that reduces the time that products spend in the production process by eliminating waste.
5. Cost Unit: A quantitative unit of product or service inrealtion to which cost are ascertain.
6. Profit maximization: A process that companies undergo to determine the best output and price levels in order to maximize its return. The company will usually adjust influential factors such as production costs, price of goods and output level as a way of reaching its profit goal.
7. Management: this is defined as the process of dealing with or controlling things or people. It is the responsibility for control of a company or similar organization.
8. Impact: This is the degree to which a particular management policy and or measures yield desire result.
9. Budgetary Control: Is part of overall system of responsibility accounting. Establishment of budgets for each area of functional responsibilities so that the performance required in order that the objectives of the business as a whole may be achieved. That is regular comparison of actual with budgeted results.
10. Value Analysis: A cost reduction technique which attempts to reduce the manufacturing cost of a product with reducing it’s quality performance or value to the customer.
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No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
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That you ordered this material shows you have agreed not to copy word-to-word.
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Tags: IMPACT OF COST CONTROL AND COST REDUCTION ON PROFITABILITY OF MANUFACTURING COMPANY. (CASE STUDY OF BLACKWORTH CONSTRUCTION COMPANY, KWARA STATE
ATTENTION:
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INFORMATION:
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EFFECTS OF MULTIPLE TAXATION ON GROWTH AND PROFITABILITY OF SMALL SCALE ENTERPRISES IN NIGERIA
CHAPTER ONE
INTRODUCTION
1.1. BACKGROUND TO THE STUDY
Many businesses in Nigeria can tell you horror stories of multiple taxation. The “agents” that come to collect random taxes you’ve never heard of. The frustration of dealing with many different faces of the tax law. The sheer amount of tax you have to pay. This is a major hindrance to running a business smoothly in Nigeria.
In recent time the world economy has developed tremendously and this has been linked with activities of Small and Medium Scale Enterprises (SMEs), especially in developing countries. A Study carried out by the Federal Office of Statistics shows that in Nigeria, Small and Medium Scale Enterprises make up 97% of productive units of the economy (Ariyo, 2005). Although smaller in size, they are the most important enterprises in the economy due to the fact that when all the individual effects are aggregated, they surpass that of the larger companies, the social and economic advantages of small and medium scale enterprises cannot be overstated. Panitchparkdi (2006) sees SMEs as a source of employment, competition, economic dynamism, and innovation which stimulates the entrepreneurial spirit and the diffusion of skills. Because they enjoy a wider geographical presence than big companies, SMEs also contribute to better income distribution. Over the years, small and medium scale enterprises have been an avenue for job creation and the empowerment of Nigeria’s citizens providing about 50% of all jobs in Nigeria and also for local capital formation. Being highly innovative, they lead to the utilization of our natural resources which in turn translates to increasing the country’s wealth through higher productivity. Small and medium scale enterprises have undoubtedly improved the standard of living of so many people especially those in the rural areas (Ariyo, 2005).
Multiple taxation on the other hand, is the imposition of different types of taxes that could have come under one major tax form on the people by the government.’ At times some of the taxes are christened levies. However, within the context of this work, all compulsory payment made by individuals and institutions to the government are regarded as tax. A good tax possesses the following qualities: fairness, convenience, simplicity, and minimum cost of collection and minimum distortions. Musgrave (1980) noted that taxes should be chosen so as to minimize interference with economic decisions in otherwise efficient markets.
However, the mortality rate of these small firms is very high. According to the Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN), 80% of SMEs die before their 5th anniversary. Among the factors responsible for these untimely close-ups are tax related issues, ranging from multiple taxations to enormous tax burdens among other issues etc. In many government policies, small and medium scale enterprises are usually viewed and treated in the same light as large corporations. However, their size and nature make them unique, though, taxation can contribute to development and welfare through three sources; It must be able to generate sufficient funds for financing public services and social transfers at a high level of quality, it should offer incentive for more employment and for an efficient and lasting use of natural resources, finally it should be able to reallocate income. But in the case of SMEs, tax must be imposed in such a way that puts their income and need for survival into consideration. It is expedient that enough profit is allowed them for the purpose of expanding their businesses. The tax policy must be one that will not encourage SMEs to remain in the informal sector or to evade or avoid tax payments.
Operators of Small and Medium Enterprises (SMEs) have at one time or another lamented the indiscriminate imposition of taxes by the three tiers of government and other agencies. The Federal Government on the other hand, has promised to tackle the issue without success so far, thereby forcing many SME outfits to close shops, yet it is no gainsaying that Small and Medium Enterprises (SMEs) remain the engine of growth of many developed countries, as they offer about 70 to 80 percent of employments to the youths of such climes.In Japan, United States of America, China, Germany and many other countries, SMEs offer the highest percentage of employment to the working class. In Nigeria, most SME outfits are finding it difficult to survive, due to the many challenges they grapple with.While many developed countries exempt their SMEs outfits from payment of taxes, the reverse is the case in Nigeria, where they face multiple taxation from the various tiers of the government agencies and even street urchins known in the local parlance as “area boys”.
However, SMEs are perceived as minute establishments that have minimal effect on the state of the economy. However, if favorable environment is created for these SMEs to grow through proper regulation, the SMEs sector has the highest propensity to transform our economy. In the same light, taxes are important for the government as they are the major source of funds for government expenditure. Income obtained from taxation of individuals and businesses are used to run governments as well as provide infrastructure such as good roads, water supply, and electricity which are essential for the smooth running of these businesses that are mainly manufacturing companies and as such rely on these commodities to survive.
Statement of problem
Most SMEs in Nigeria die within their first five years of existence, a smaller percentage goes into extinction between the sixth and tenth year while only about five to ten percent survive, thrive and grow to maturity, SMES are faced with the problem of high tax rates, multiple taxation, complex tax regulations and lack of proper enlightenment or education about tax related issues. Not minding other challenges that SMEs are facing in other developing countries like Nigeria; inadequate capital, poor technical and managerial skills, environmental effects and government regulations which affect the operation of SMEs, in Nigeria especially this issue of multiple taxation which is a worm eating deeply and the large chunk of revenues generated by these SMEs for their growth and survival. These have led to increase in record of dearth of Small and Medium Scale Enterprise (SMEs).
Finally, Government in order to meet up with its responsibilities of providing social infrastructures and other development projects for her citizens imposes taxes on her citizens. This is done by the different tiers of Government-Federal, States and Local Governments with respect to their fiscal powers (Tax Powers) however, the rate at which the governments concerned increase the existing taxes should be a thing of concern to economic agents, this is why many small firms in Nigeria, choose to remain in the informal sector because the perceived benefits outweigh the perceived costs. Firms rarely see their tax contributions at work and the compliance costs are high, thus discouraging compliance. The government is also discouraged from collecting taxes from small firms, because the cost of monitoring and collecting taxes from small businesses by revenue authorities, whose resources are usually scarce, sometimes outweighs the revenues generated by small businesses (Stem and Barbour 2005).
Finally, While the Federal Government is cl’amouring for a stable general price level, increased rate of growth in Gross Domestic Product (GDP), increased employment opportunities, through the establishment of small-scale enterprises; the state and local governments are busy introducing new taxes and increasing the rate of the existing taxes, not nearing in minds that Multiple taxation increases the cost of doing business in Nigeria, discourages local trade and investment and also gives a negative perception of the Nigerian business environment to foreign investors, even some states have as many as 97 different taxes, levies and charges that are imposed on businesses. This is simply not economically viable – the costs to the government of administering these various taxes and the costs to business of paying these taxes outweigh their benefits to both the private businesses and the government. In addition, the multiplicity of taxes on the transportation of goods impairs the integration of internal markets and the establishment of a fully integrated economic space within Nigeria. By impairing the integration of the national market, these mobile levies also reduce competition between companies located in different states in Nigeria.
1.3 OBJECTIVES OF THE STUDY
The general objective of the study is to assess the effect of multiple taxations on the growth and profitability of small scale enterprises in Nigeria.
Other specific objectives include:
Examine the relationship between multiple taxation and SMEs survival.
Ascertain whether the size and ability of SMEs to pay taxes affect their survival.
Determine role of multiple taxation on investment decision of the owners of Small scale enterprise.
Explore whether the effect of multiple taxation on financial performance of SMEs.
Suggest a possible solution/recommendation to challenges faced by SMEs towards current tax policy.
Evaluate the factors that encourage non-compliance with tax obligation by SMEs.
1.4. RESEARCH QUESTION
To achieve the objectives of the study, the researcher was guided by the following set of questions;
Relationship between multiple taxations and SMEs survival?
The size and ability of SMEs to pay taxes affect their survival?
Roles of multiple taxations on investment decision of the owners of Small scale enterprise?
Effect of multiple taxations on financial performance of SMEs?
Possible solution/recommendation to challenges faced by SMEs towards current tax policy?
Factors that encourage non-compliance with tax obligation by SMEs?
1.5. SIGNIFICANCE OF THE STUDY
Just as it has been a great concern to all and sundry to promote the welfare of SMEs, it has also been a great cause of concern to all, the fact that the vital sub-sector has fallen short of expectation. The situation is more disturbing and worrying when compared with what other developing and developed countries have been able to achieve with their SMEs. It has been shown that there is a high correlation between the degree of poverty hunger, unemployment, economic well being (standard of living) of the citizens of countries and the degree of vibrancy of the respective country’s SMEs. If Nigeria were to achieve an appreciable success towards attaining the Millennium Declaration Goals for 2015, one of the sure ways would be to vigorously pursue the development of its SMEs. Some of the key Millennium Declaration Goals like halving the proportion of people living in extreme poverty, suffering from hunger, without access to safe water, reducing maternal and infant mortality by three-quarts and two thirds respectively and enrolment of all children in primary school by 2015 may indeed be a mirage unless there is a turnaround of our SMEs’ fortunes sooner than later.
It is hoped that this work will highlight and ne In addition it will be a source of knowledge to small-scale enterprises (SSE) on the essence of taxation and suggest for efficierit tax system devoid of tax multiplicity. It will also help in resolving the conflicting objectives of the federal government and those of the lower tiers of government concerning tax relief and revenue maximization.
This study will also be of great significance to policy analysts since it will assist in analyzing the effectiveness and success of the work of the Small Scale Agency Board in Nigeria. It will therefore equally be of immense help to the Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN), in evaluating the success of its activities with specific reference to solving the problem of multiple or double taxation in such industries. It would also assist the boards in determining or formulating their future plans towards other challenges facing SMEs in Nigeria.
It will also be of use to the student, researchers for further research study, the existing and prospective entrepreneur as well as any interested party. It will assist students in their knowledge build-up and appreciation of the tax policy and legislation system of the small scale business.
1.6 RESEARCH HYPOTHESES
The hypotheses were stated in null form and they include:
HYPOTHESIS 1
Multiple taxes do not significantly affect the growth and profitability of small scale business.
HYPOTHESIS 2
The relationship between SMEs’ size and its ability to pay taxes does not significantly affect their survival.
1.7. SCOPE OF STUDY
From the foregoing discussion, the research focuses on the effects of multiple taxations on the sustainable growth and profitability of small scale enterprises in Ibadan Metropolis, using small scale business owners whose tax clearance are up to date. The activities of the regulating body Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN),were also put into consideration.
1.8. LIMITATION OF THE STUDY
As with all studies, limitations exist and must be acknowledged. Moreover, the outcomes were based on the information solicited from the respondents and such might be subjected to human errors, omissions and possible mis-statements.
The limitations of the study are as given below:
a) First of all time did not allow the researcher to glean information from the entire female entrepreneur in Osun State.
b) The study could not show the whole scenario of the entire Female entrepreneur in Nigeria.
c) Because the sample is chosen from the one state Of Nigeria. That’s why the findings and analysis is varying slightly in organization to organization.
d) The questionnaire was not also understood by some respondent.
1.9. DEFINITION OF TERMS
1. Small Scale Enterprises: It is defined as any business undertaken, owned, managed and controlled by not more than two entrepreneurs, has no more than twenty employees, has no definite organizational structure (i.e all employees report to the owners) and has relatively small shares of its market.
Multiple taxations in relation to a company or individual is a situation where the same profit or income respectively which is liable for tax in Nigeria has been subjected to tax by another tax authority in Nigeria or another country outside Nigeria
Tax evasion: refers to any intentional, illegal reduction of tax payments, which usually takes the form of underreporting income, sales or wealth, or overstating deductions (Schneider, Braithwaite & Reinhart 2001), including failure to file appropriate tax returns.
Non-Compliance: can be defined as the failure on the part of a taxpayer to correctly file returns, report actual income, claim the correct deductions, reliefs and rebates and remit the actual amount of tax payable to the authority on time.
Profitability: The term profitability is referred to as the ability to make profits steadily over a long period of time.
Taxation: is defined by Ogundele (1999) as the process or machinery by which individuals, groups, or communities are made to contribute in some agreed quantum and method for the purposes of the administration and general development of the society they belong.
Business Growth: This is a convergence process where small firms will eventually become as large as any other longer firm in the same sector as time goes by, as a result of expansion in business or increase in returns.
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Tags: EFFECTS OF MULTIPLE TAXATION ON GROWTH AND PROFITABILITY OF SMALL SCALE ENTERPRISES IN NIGERIA
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EFFECT OF TAX EVASION AND TAX AVOIDANCE ON ECONOMIC DEVELOPMENT
CHAPTER ONE
INTRODUCTION
BACKGROUND TO THE STUDY
Fiscal policy measures in Africa have been largely driven by the need to promote suchmacroeconomic objectives as raising revenue to finance rapid economic growth of theireconomies, generating employment, maintaining price level and exchange rates stabilityand balance of payments equilibrium. To achieve these objectives one of the ways ofdealing with taxation problems is to deal with harmful taxes practices. The two harmfulpractices that readily come to mind istax evasion and avoidance.
A decline in price of oil in recent years has led to a decrease in the funds available for distribution to the Federal Government and to the State Governments. The need for state and local governments to generate adequate revenue from internal sources has therefore become a matter of extreme urgency and importance. This need underscores the eagerness on the part of state and local governments and even the federal government to look for new sources of revenue or to become aggressive and innovative in the mode of collecting revenue from existing sources (Aimurie, 2012). Aguolu (2004) states that though taxation may not be the most important source of revenue to the government in terms of the magnitude of revenue derivable from taxation, however, taxation is the most important source of revenue to the government, from the point of view of certainty, and consistency of taxation. Aguolu (2004) further mentioned that taxation is hence the most important source of revenue to the government. Owing to the inherent power of the government to impose taxes, the government is assured at all times of its tax revenue no matter the circumstances.
Tax evasion in general refers to illegal practices to escape from taxation. To this end, taxable income, profits liable to tax or other taxable activities are concealed, the amount and/or the source of income are misrepresented, or tax reducing factors such as deductions, exemptions or credits are deliberately overstated (see Alm and Vazquez, 2001 and Chiumya, 2006). Tax evasion can occur as an isolated incident within activities that are – in other aspects – legal. Or tax evasion occurs in the informal economy where the whole activity takes place in an informal manner – this means the business is not only evading tax payments but is also not registered as formal enterprise at all.
Tax avoidance, in contrast, takes place within the legal context of the tax system that is individuals or firms take advantage of the tax code and exploit “loopholes”, i.e. engage in activities that are legal but run counter to the purpose of the tax law. Usually, tax avoidance encompasses special activities with the sole purpose to reduce tax liabilities. An example for tax avoidance is strategic tax planning where financial affairs are arranged such in order to minimize tax liabilities by e.g. using tax deductions and taking advantage of tax credits.
Tax evasion and its sister tax avoidance are key fundamental problems of tax administration in a developing country like Nigeria. All forms oftaxes in Nigeria are to some extent avoided or evaded because the administrative machinery to ensure effectiveness is weak. As a result of thediversities and complexity in human nature and activities, no tax, law can capture everything hence; loophole will exist and can only be reducedor eliminated through policy reforms.
Thus, besides generating public revenues, strengthening tax systems in developing countries is equally important from a governance or state-building perspective. Thirdly, revenue raising systems typically include the entire population, thereby exhibiting a direct effect on the poor and their household income. Designing a tax system in a pro-poor way can e.g. be achieved by including a redistributive component. All in all, collecting a sufficient amount of revenues is essential for a country to fund pro-poor programs, built effective government institutions and strengthen democratic structures, stimulate sustainable economic growth and reach national and international development goals. To reach these goals it is, however, essential that the tax system is implemented the way it was designed. Thus, counterproductive activities like tax evasion and avoidance practices, that undermine the intentions of the system, need to be reduced.
Despite the emphasis on the importance of taxation and the efforts made at improving its efficiency, citizens’ aversion to taxes have remained a problem that most tax authorities have to grapple with. This is because individuals will always look for a means –legal or otherwise–to reduce or even completely avoid paying taxes. This result in heavy revenue losses to governments and ultimately affects their ability to meet their obligations.
1.2. STATEMENT OF PROBLEMS
Over the years, revenue derived from taxes has been very low and no physical development actually took place, hence the impact on the poor is not being felt. It is the view of many people that the loss of revenue caused by widespread tax evasion and tax avoidance in Nigeria is due to inefficient and inept tax administration. Omorogiuwa (1981) has opined that ineffective tax administration is the main factor responsible for large scale tax evasion in Nigeria. Philips (1973) corroborates this view when he states that tax evasion is due principally to administrative ineffectiveness
Nigeria is losing billions of Naira every year to illicit financial tax fraud as individuals and corporate firms engage in fraudulent tax schemes aimed at avoiding tax payments to some of the developing countries, impeding development projects and denying poor people access to crucial services.
The primary way which money flows out of these countries is through tax offset. In its simplest form this entails three steps. Firstly, a corporation working in a developing country sets up a subsidiary in a tax haven. Secondly, they sell their product at an artificially low price to this subsidiary – enabling them to declare minimal profits and consequently pay very little tax to the government of the developing country. Thirdly, their subsidiary in the tax haven sells the product at the market price – for comparatively huge profits coupled with a low tax rate (or none at all). In other words, corporations are manipulating prices to pay minimal taxes.
Tax evasion and tax avoidancearemajor facilitator of poverty, crime, and corruption in a developing countries like Nigeria. Tax haven secrecy drains nearly $1 trillion from each year from the country. This is money that could have been spent on health care, education, and infrastructure, while banks play a critical role in the global economy and many countries’ tax systems; many have also played a significant part in facilitating tax evasion and avoidance schemes, thereby reducing revenue generated by government both at the federal, state and local government level.
1.3. OBJECTIVES OF THE STUDY
The main objective of this research work is to assess the economic effect of tax evasion and avoidance on economic growth and development of the country.
Specifically, this study attempt to:
Examine the contribution of taxation on revenue generation in Nigeria
Ascertain the extent to which tax evasion and tax avoidance has affected negatively on revenue generation in Nigeria.
Assess the meaning of tax evasion, avoidance and the causal reason for engaging in such tax offences.
Examine the extent to which taxation has contributed to the steady growth in Gross Domestic Product in Nigeria.
Identify the problems created to the economy by taxpayers and their facilitators operating in Nigeria through tax evasion and tax avoidance.
1.4. RESEARCH QUESTION
The research question provides a framework and guidelines through which substantial knowledge of the research study can be understood.
This study sets out to address the following questions.
To what extent has taxation contributed to revenue generation in Nigeria?
To what extent has tax evasion and tax avoidance affected negatively on revenue generation in Nigeria?
What are the causal reasons for engaging in such tax offences?
To what extent has taxation contributed to the steady growth in Gross Domestic Product in Nigeria?
What are the problems created to the economy by taxpayers and their facilitators operating in Nigeria through tax evasion and tax avoidance?
1.5. STATEMENT OF HYPOTHESIS
The following null hypotheses were formulated and tested:
Ho1: Tax avoidance and tax evasion are not caused by weak tax policy and administration.
Ho2: Taxation has not contributed significantly to revenue generation in Nigeria.
1.6. JUSTIFICATION OF THE STUDY
The greatest puzzle facing the Nigerian tax system is the threat of tax evasion and tax avoidance. It is widely believed that there is a substantial difference between estimated revenue from taxation every year and what is actually collected.
This research study shall seeks to identify the role of professionals in facilitating tax evasion and avoidances, and which has been a damaging effect on the growth and sustainability of development of Nigeria.
It shall also assess the significant detrimental effect of tax evasion/avoidance on the provision of infrastructures, public services and public utilities.
It will also be useful to the government, tax authority who are key actor in the collection of taxes/levies, tax payer such as individuals, corporate bodies, multinational companies, investors whose tax are used in the growth and development of the country and other parties involved.
The study will also be of immense benefit for future users as well as other researchers, scholars and students. The study will also provide members of the public knowledge on the importance of taxation in Nigeria and on the effective utilization of taxation to promote fiscal redistribution of income.
1.7. SCOPE OF THE STUDY
The scope of the study was limited to tax revenue generated by the Federal Government of Nigeria and tax revenue generated by some selected states in Nigeria from 2002-2011. It is worthy to note that in this study one state was selected from each of the six geo-political zones in the country North Central Zone, South Southern Zone, South Western Zone, North Western Zone, South Eastern Zone and Federal Capital Territory.
Furthermore, the study also distribute questionnaire to staff members of the various state board of Internal revenue of the six-geopolitical zone, in order to ascertain the devastating effect of tax evasion and avoidance scheme on revenue generation of the country
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OR
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Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
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But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
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No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
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That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
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Tags: EFFECT OF TAX EVASION AND TAX AVOIDANCE ON ECONOMIC DEVELOPMENT
ATTENTION:
BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
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EFFECT OF AUDIT REPORT ON ANNUAL FINANCIAL REPORTING QUALITY OF ORGANIZATION
CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND TO THE STUDY
In the wake of the financial crisis of 2007–2009 and the failure of a number of global corporate entities, investors, analysts and regulators continue to wonder exactly what happened, what could have prevented it, and what measures can be taken to ensure it doesn’t happen again. With companies collapsing on the heels of financial reports that sounded no alarm bells for current or potential investors, it’s understandable that the quality of financial reporting is coming under scrutiny. While there are numerous discussions and activities underway around auditing standards, judgments, estimates and other technical reporting components, audit committees may find it valuable to consider the connection between audit report and the quality of financial reporting. If sound and relevant financial reporting is one of the direct results of a quality audit report – and I believe that it is – then the immediate questions to ask may be: what does “audit report” mean? Will current audit reform proposals improve the quality of audit reports? And how can the audit committee help the process?
A reliable audit report is imperative in corporate organizations where the retention of public confidence remains of utmost importance. In this regard, the auditors are the essential fulcrum upon which the concepts of objectivity, fairness coupled with independence and integrity of financial reporting rest. This assertion, notwithstanding, it suffices to say that reports from statutory auditors are still challenged. Financial scandal is an undesirable occurrence that had threatened the going concern status of many corporate organisations in Nigeria. In spite of frequent development in technology such as computer assisted audit technique, internet, automated accounting system etc, financial scandals in both public and private organisations still top the headlines of Nigerian newspapers on daily basis.
The auditor’s report is a disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit or public]], among others) as an assurance service in order for the user to make decisions based on the results of the audit.
An auditor’s report is considered an essential tool when reporting financial information to users, particularly in business. Since many third-party users prefer, or even require financial information to be certified by an independent external auditor, many shareholders rely on auditor reports to certify their information in order to attract investors, obtain loans, and improve public appearance. Some have even stated that financial information without an auditor’s report is “essentially worthless” for investing purposes.
Stakeholders too often see the audit report as a relatively discrete document when, in fact, the processes and controls that ensure the broader integrity of the audit report comprise much more than the audit opinion itself. These processes and controls range from the company’s collection and recording of financial information to the actual audit, through to the issuance of the annual financial report. As a result, the quality of financial reporting – so critical to investor confidence and transparency is directly dependent on the quality of the audit report. The value of an expert, independent opinion on a company’s financial statements simply can’t be underestimated. And the simple knowledge that the audit team is coming, combined with the requirements and internal controls that exist around it, exerts a preventative, quality-control pressure on financial statement preparation – even before the audit takes place.
Effective audit report starts with a thorough understanding of the context within which the client and other key stakeholders operate. This context involves both the governance and management process, and the accountability arrangements that bind them together, In Nigeria, the spate of corporate failure witnessed in the financial sector in early 1990’s brought auditors into focus and caused the Nigerian public to question the roles of auditors (Ajibolade, 2008) Also, an emerging body of literature argues that accounting professionals have increasingly used their expertise to conceal and promote anti-social practices (Bakre, 2007), study by Bakre (2007) also documented various cases in which accountants and external auditors in collaboration with management and director of companies falsify and deliberately overstate accounts. Investigation into financial report of Afribank (Main street plc) implicated Akintola Williams and Deloitte in facilitating an over statement of the banks account by the management. Other Nigerian cases have also been documented in which a number of professional accounting firms were involved and indicted for anti-social practices such as issuing fake and unqualified audit report in conflict with their professional claims in an attempt to be acting in public interest and it was suggested that the matter needed further investigation (Bakre, 2007).
The finality of the auditor’s work is made by writing a report, by the help of which it expresses an opinion over the audit financial situations so that any user of this information is able to take decisions based on it. “The report represents the means by which the auditor tells the holders and to any other interested users, the way in which it is satisfied by the way in which the financial situations have been made”(Dobroțeanu, 2002).
Audit report is a commercial document in which it is shown the length of the done audit papers by the auditor and the professional opinion that he/she has reached as a result of analyzing financial situations. It represents the final product of the auditor’s work and the only document through which can be appreciated the professionalism. Moreover, the purpose of an audit is “to improve the degree of trust of the users across the financial situations. This thing is obtained by expressing an opinion by the auditor. ”(Manual of International Standards, 2009). The problem is that, most of the times it is expected for an answer from the auditors which shouldn’t be given according the law. “The opinion of the auditor concerning the financial situations treats the way in which the financial situations are prepared, in all significant aspects, according to the general frame of applicable financial report”(Manual of International Standards, 2009).
It is important to note that auditor’s reports on financial statements are neither evaluations nor any other similar determination used to evaluate entities in order to make a decision. The report is only an opinion on whether the information presented is correct and free from material misstatements, whereas all other determinations are left for the user to decide.It is also important to get conscious of the fact that the audit does not mean remaking all the accounting documents. It uses sample techniques and significance thresholds in verifying the transactions or analyzing the indices so that a professional opinion could be formed. This way can be expressed the opinion of “reasonable” and “solid” or “clear image” even if the firm has some financial difficulties.
1.2. STATEMENT OF PROBLEM
In the recent years, auditors have been accused of being involved in what has been described as harmful and anti-social behaviour purely for the sake of high fees, Traditionally, regulators, investors and financial analyst have relied on corporate financial statement to make senses of bank liabilities, risk and economic exposure, but this has been highly problematic (Arnold and Sikka, 2001). That the credibility of financial statements prepared by the Auditor remains the primary means of informing shareholders and other stakeholders about the financial performance, progress and position of the business (Dabor and Adeyemi, 2009). Bakre (2007) submitted that the key issue in the field of auditing and assurance is to recognise that auditing can be of even greater value, if it looks beyond the traditional financial issues and focuses on areas that matter to a wide range of stakeholders and the public, which makes people concludes that, auditors face credibility issues, thus, for instance there is widespread public perception that auditors lack independence from company executives and as a result, there is concern about the quality of audits.
Also, at the international level the theme about the Role of the Auditor in presenting credible audit reports to the companies presents a great interest and has been deeply discussed. The central point of these discussions have been the cases in which various firms have been emitted clean audit reports yet they still find it hard to control thier firms until it can longer survive in the competitive world, and this was the starting point for mistrusting the true significance and utility of the audit report.
The existence of some important fake facts which have not been stressed by the audit has lead to the question which is in fact its role? The answer to this question is not as simple as it looks; therefore it is noticed at the international level a deeper distance between the position of the auditors and the users of the information, Moreover it is noticed an exaggerate tendency to standard the text in the audit report which hides the users the content of the audit. It has been noticed at some commercial firms, very different, audit reports almost identical. In all of them it is stated that have been followed all the necessary proceedings, without any personalization or proof to testify a depth of the work that has been done.
Nigeria lost more than N6 billion ($42.9million) within the banking sector alone. (This Day, 16 October, 2006). Advanced audit skills are required of professional to cope with the rapidly changing world of globalization and advancement in information technology (Adeyemi, 2008). Adeyemi (2008) further said that Professional Accountants (Auditors) must necessarily be dynamic and creative to enable the profession achieve its objective of steadily advancing the science of accountancy. Against this back drop, this paper seeks to find out why frauds and irregularities are still reported after the performance of the duties of professional Accountants (Auditors).
A number of scholars have shown that many accountants particularly members of the Institute of Chartered Accountants of Nigeria have been responsible for the crisis in the banking and manufacturing sectors in Nigeria as a result of their unethical and anti-social practices through lack of concrete audit report, which in turn affect the financial reporting quality of this firms. These studies show that the regulatory framework in Nigeria is weak because member of the professional firms implicated in the act have not yet been sanctioned. The paper examined whether the concepts of integrity, objectivity, independence, fairness and quality assurance functions are strictly adhered to by examining the following contending issues and problems: i. Do accounting firms issue qualified audit report in order to generate more income from the management?
ii. How long has a single firm served as the statutory auditor of an organisation?
iii. Whether there are regular training and educational improvement for the members of staff?
v. Is the statutory audit of a firm not adversely affecting the independence and integrity of the auditors by the non-audit services?
It is against this backdrop that this research studies tends to evaluate the effect of internal audit on financial reporting quality of organization.
1.3 OBJECTIVES OF THE STUDY
The Major Objectives of this study are:
Determine the effects of audit report on financial reporting quality in Nigeria
Determine the cause of issuing unprofessional audit report by professional auditors.
Eliminate and suggest possible remedy for the problem of unethical auditing practices perpetrated by auditors.
Ascertains the benefits and limitations associated with this auditing concept.
Determine the perceived roles of Auditreport on financial reporting.
Evaluate the effects of the longstanding relationship between the auditors and its client
Assess the roles of auditors in preventing the failures of organization through audit report quality.
1.4. STATEMENT OF HYPOTHESIS
Researcher seeks to test the validity of the following hypothesis:
HYPOTHESIS ONE (1):
Hi: There are no significant relationship between auditor’s report and financial statement of organisation.
HYPOTHESIS TWO
There is no significant relationship between the serving period of an auditor and his audit report on his client organization.
1.6 SIGNIFICANCE OF STUDY
This type of research supposes getting new knowledge, contributing to enrich of the theory of the financial audit and to identifying new problems of this profession in order to find an answer to them. Improving the quality of accounting information offered by the auditors represents a gain both for users and society in general, contributing to the development of the profession and to promoting of the good name of the external audit, it will also be of immense benefit to the shareholders who have contributed the funds for the business and needs a reward in form of dividends.
The study contributes to the existing literature addressing Auditor’s Report issues particularly in a developing country like Nigeria. The study is considered unique at least in Nigeria because it also considers auditing issues from the perspective of the auditors themselves. There is no doubt that this research study will continue to be of interest in Nigeria, just like in other countries of the world.
This study will provide an additional insight into the auditing literature, and provided useful input to audit profession, research academic, and related governmental departments such as Office of the auditor general and various auditing firms.
Finally this study will be of great significance to schools and students, it will serve as a reference point for future researchers who will want to research more on the topic.
1.8 SCOPE AND LIMITATION OF STUDY
Since the study focus on the effect of internal audit on financial reporting quality of organization, For the purpose of carrying out a detailed analysis of research topics, the research will be restricted to the two selected companies in Nigeria.
The researcher in the course of carrying out the research was faced with the following problems and constraints.
(a) Time factor: Time shortage posed serious challenges, since it was indeed very short considering the enormity of the research work.
(b) Lack of information and data due to unavailability of materials and other vital information. Libraries are either out of stock or scanty in their content of relevant materials.
(c) Financial problem was also a deterrent in carrying out the research since the available fund was not enough to sustain the vast research proposals, it was also a challenge in that regard.
1.9 DEFINITION OF TERMS
1. Audit report : this is a disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit or public]], among others) as an assurance service in order for the user to make decisions based on the results of the audit.
2. Audit: Audit can be define as the independent examination of a financial statement and expression of opinion on the financial statement of enterprise by an appointed auditor in pursuance of that appointed and in compliance with any relevant statutory obligation.
3. Auditor: Auditor is a qualified accountant who also passed a professional examination. Such a person must be of good conduct and have a vast knowledge and able to understand a practical business, endeavor always to grasp the technicalities and business, methods of any concern whose account he undertakes to audit.
4. External Audit: This is an audit carried out by an independent person who is not an employee of the enterprise.
5. Quality audit is the process of systematic examination of a quality system carried out by an internal or external quality auditor or an audit team.
6. Statutory Audit represents the audit for annual financial situations or for the consolidated annual financial situations as it is for community legislation adjusted to the national legislation.
7. Unqualified Opinion: An opinion is said to be unqualified when the Auditor concludes that the Financial Statements give a true and fair view in accordance with the financial reporting framework used for the preparation and presentation of the Financial Statements.
8. Objectivity: refers to the need to maintain impartial judgment (e.g. not developing analysis to support a decision that the accountant knows is not correct.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
AFFILIATE LINKS:
myeasyproject.com.ng
easyprojectmaterials.com
easyprojectmaterials.net.ng
easyprojectsmaterials.net.ng
easyprojectsmaterial.net.ng
easyprojectmaterial.net.ng
projectmaterials.com.ng
Tags: EFFECT OF AUDIT REPORT ON ANNUAL FINANCIAL REPORTING QUALITY OF ORGANIZATION
ATTENTION:
BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
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EFFECT OF TAX INCENTIVES AND CONCESSION ON GROWTH AND DEVELOPMENT OF SMEs IN NIGERIA CASE STUDY OF (SME TAXPAYERS IN IKEJA LAGOS STATE, IBADAN)
CHAPTER ONE
INTRODUCTION
1.1. BACKGROUND TO THE STUDY
Small businesses are seen as one key source of economic growth. For this reason,myriadeconomicpolicieshavebeendevotedtopromotetheeconomic activity within small businesses (Buss 2001).
Small and medium enterprises (SMEs) form the core of majority of the world’s economies. A study carried out by the Federal Office of Statistics shows that in Nigeria, small and medium enterprises make up 97% of the economy (Ariyo, 2005). Although smaller in size, they are the most important enterprises in the economy due to the fact that when all the individual effects are aggregated, they surpass that of the larger companies. The social and economic advantages of small and medium enterprises cannot be overstated.
This SMEs are seen as a source of employment, competition, economic dynamism, and innovation which stimulate the entrepreneurial spirit and the diffusion of skills. Because they enjoy a wider geographical presence than big companies, SMEs also contribute to better income distribution. Over the years, small and medium enterprises have been an avenue for job creation and the empowerment of Nigeria’s citizens providing about 50% of all jobs in Nigeria and also for local capital formation. Being highly innovative, they lead to the utilization of our natural resources which in turn translates to increasing the country’s wealth through higher productivity. Small and medium scale enterprises have undoubtedly improved the standard of living of so many people especially those in the rural areas.
The mode by which SME development and economic growth can be effectively, efficiently, stimulated and developed is very demanding. As a result of this, the government charges less tax and gives tax holidays in order to encourage investments and economic activities of these small scale entrepreneur in those areas which help to improve production capabilities, activate economic growth as well as the allocation of resources in a socially desirable manner.
To the small scale enterprises, the general feature of agood tax system (tax base rate) is more important than the tax incentives in many developing countries. The tax laws are not clearly written and may be subject to frequent review which makes long-term planning difficult for businesses and add to the perceived risks of undertaking major capital intensive projects.
Taxation is a process or means through which communities or groups are made to contribute a part of their income for the sole purpose of societal administration while tax, is a compulsory levy levied on the people at a given place for the sole purpose of government revenue for government expenditure.
Tax incentive itself, is the use of government spending and tax policies to influence the level of national income. This measure encourages the springing up and gradual growth of new enterprises by the reduction of profit tax, which in turn encourages production, influences the production level and curbs unemployment. So, the government should provide such tax incentives in order to boost development which will bring about an increase in employment opportunities and also cause an improvement in the economy, tax incentives according to Kuewumi (1996) encompass all the measures adopted by government to motive tax payers to respond favorably to their tax obligations. It includes adjustments to tax policy aimed at lessening the effects of taxation on an industry, a group of persons or the provision of certain services. Such measures may subsume the adoption of benign low tax rate; the effective dissemination of fiscal information by tax authority; or the non-imposition of tax at all.
Amadiegwu (2008:74), a tax expert wrote that the objective of tax incentive is that by borrowing rather than taxing, the government has a better chance of expanding investment spending which is essential in enlarging production possibilities and attaining a sustainable improvement in the standard of living of the people.
Dotun and Sanni (2009:265), in their “Nigerian companies’ taxation” stated that these incentives can be targeted on the low income earners, local and developing industries, farmers, which will increase their savings and is necessary for higher investment. Tax incentives create employment opportunities for the people, helps to fight economic depression and inflation thereby increasing the equitable distribution of income and wealth.
1.2. STATEMENT OF PROBLEM
The mortality rate of these small scale enterprises is very high. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Nigeria, 80% of SMES die before their 5th anniversary. Among the factors responsible for these untimely close-ups are tax related issues, ranging from multiple taxations to enormous tax burdens etc.
In developing countries like Nigeria, there is an urgent need to provide the required enabling environment for the development of SMEs, so that they could adequately play the role expected of them in economic transformation. Such role includes mobilization of domestic savings for investment, appreciable contribution to gross domestic product, increased harnessing of local raw materials, employment generation, and significant contribution of poverty reduction efforts through sustainable livelihoods and enhancement in personnel income, technological development and export diversification (Smatrakalev, 2006), however this is not the case because taxes which are levied for regulating the investment behavior of the households are suffocating the entrepreneur growth and development, and this also serves as a major constraint to the development of the SMEs they are out to cater for.
Various people believes that a tax incentive encourages economic growth and industrial development of SMEs while another believes that it reduces revenue accruable to the government, As a result of this, it does not stimulate the economy. The poverty alleviation programme aimed at reducing the rate of poverty among the masses, was introduced. This programme covered the provision of jobs for able and unemployed youths, provision of loans for small and medium scale enterprises at a minimum lending rate, yet there is no gainsaying that this measures and policies taken so far, yield positive development to the economy.
Finally, most tax experts, consultants, Individuals and economic analysts ignored or criticized the incentive for the following reasons:
1. That the impacts of the tax incentives are not effective in the economy.
2. That the exemption privilege not granted to all SMES places some enterprises at a competitive advantage over others.
3. That the incentive granted are not adequate for the developmental and industrial growth of SMEs.
4. Most entrepreneurs, firms and industries lack the awareness of the incentive.
1.3. OBJECTIVES OF THE STUDY
Tax incentive scheme is an economic policy which exists among many other competing alternatives. The scheme may be an inducement towards rightful investment, securing proposal on private investors lay behind, it then follows that if the scheme is a pale shadow for pilling stock of profitable that the benefits expected from these incentives should be able to justify the cost.
In the light of the above, the study shall seeks to examine the extent to which tax incentives affects the growth and development of small scale entrepreneurs.
Other specific objective includes:
Establish the relationship between tax policy and the growth of SMEs in Nigeria
Assess the various incentives available to small scale entrepreneur.
To examine the relationship between tax incentives and SMEs survival
Ascertain how tax incentives stimulate individuals to establish new enterprises which will boost industrial development and economic growth
Determine how tax incentives affect productivity level and growth of new small scale enterprises.
Assess the economic implication of granting tax incentives to SMEs.
1.5 SIGNIFICANCE OF THE STUDY
Tax incentive is a strong fiscal measure or policy which can stimulate investment and savings leading to capital information. This capital acquisition can be used productively in economic and industrial development of companies and individual can use them effectively. In deciding if these incentives can stimulate the companies and individuals to invest in the economy. One basic fact is this whether the company individual concern decided to go into business because of tax incentives offered.
This study will contribute immensely to existing literature on benefits of tax incentives to small scale enterprises, and as a result of the creation of more SMES and with the expansion of the existing ones, the standard of living of the populace will be positively affected.
It will also broaden the knowledge of small taxpayers on various types of tax incentives available to them, and how the various tax incentive scheme leading to economic diversification result in increasing urban and rural development.
The study is also important as it will help ascertain if fiscal authority is keeping track on tax mobilization with GDP growth and to identify those taxes which are income elastic or otherwise in order to raise overall tax revenue.
Finally this study will be of great significance to government, tax officials, tax authority, small scale entrepreneur, investors, corporate organizations, schools and students who are regular taxpayers, it will serve as a reference point for student who would like to make future research or contribute to the existing literature.
1.6. SCOPE OF THE STUDY
The research study will be limited to the use of questionnaires and oral interviews when appropriate and to a review of related literature (review of relevant books and journals) that could provide an insight into the effect of tax incentives on industrial growth and development of SMEs.
Case studies will be restricted to seventy (70) small business owners who are taxpayers in Ikeja Metropolis, Lagos State.
The State is situated in southwestern region, and it is selected for this research study because it is part of the major industrial areas in the country.
1.7. LIMITATION OF THE STUDY
The constraints of this study may be attributed to:
1. Inherent limitations of the analytical method of gathering information such as the un-cooperative attitude of the respondents.
2. Irrelevant or unreliable information obtained from oral interviews. This is based on the degree of the respondent’s truthfulness in answering the question’s raised during oral interviews. Some of the respondents thought that the research work is meant to expose their enterprise and thus, were not ready to give relevant information.
3. The writer was also faced with time constraint which involved appropriating her time between writing the project work and performing her academic function as well as meeting her social needs.
4. Also encountered was the problem of getting an exact from the school authorities for the purpose of the research work.
1.8. DEFINITION OF TERMS
INCENTIVE:An incentive is a form of tax relief, inform of a reduction in or an exemption from the tax which someone, a firm, or an industry would normally be liable.
TAX INCENTIVES-These are reliefs granted to tax payers or industries in form of an off-set from the total profit before tax liability is determined. In case of industries and firms, tax incentives are given inform of tax holidays which is established by the legislative authorities on such payment of taxes.
INVESTMENT ALLOWANCE- Investment allowance is given as a tax incentive to a certain category of companies for incurring some qualifying capital expenditure on plant and equipment used for the business at the rate of 10% on cost.
RURAL INVESTMENT ALLOWANCE- This is granted to all capital expenditures incurred by companies established in rural areas in respect of providing a lacking infrastructural facility.
TAX HOLIDAYS: this is a temporary exemption of a new firms or investment from certain specified taxes, typically corporate income tax.
CAPITAL ALLOWANCE- This is granted by the act on a qualifying capital expenditure incurred wholly, exclusively, for the purpose of trade or business.
TAX: is a compulsory levy payable by individual economic units or corporate bodies to government without any direct quid pro quo from the government.
8. SMALL SCALE BUSINESS: It is defined as any business undertaken, owned, managed and controlled by not more than two entrepreneurs, has no more than twenty employees, has no definite organizational structure (i.e all employees report to the owners) and has relatively small shares of its market.
BUSINESS GROWTH: this refers to the increase in the size, value and financial performance of a firm or company.
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Tags: EFFECT OF TAX INCENTIVES AND CONCESSION ON GROWTH AND DEVELOPMENT OF SMEs IN NIGERIA CASE STUDY OF (SME TAXPAYERS IN IKEJA LAGOS STATE, IBADAN]
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DETERMINANTS OF TAX COMPLIANCE AMONG SME’s IN PLEATEAU STATE
ABSTRACTS
Tax is an important stream of revenue for government’s development projects. The importance of tax systems as a major revenue source in a country is undeniable, these statistics have evidenced that tax revenues are one of main income source for many governments throughout the world but to maximize tax collection and minimize tax evasion among taxpayers is difficult to achieve in practice. However, tax compliance among SMEs is poor. In the framework of this study, an attempt to identify and evaluate the determinants of tax compliance of SMEs in Plateau State, as well as the perceived fairness of tax rates and tax legislations by government on the part of SMES and it’s effect on tax compliance level. The study also aims to ascertain the extent to which individual taxpayers’ burden influences their attitudes to tax compliance in Plateau State.
This research was a survey whose data is collected from two hundred taxpayers in Small Medium Enterprises. After the data was collected, it was analyzed using descriptive statistics then summarized and presented using statistical tools such as the Chi-Square, SPSS.
From the findings, the conclusion is that taxpayer’ attitudes do affect their compliance behaviour and recommendations were made for SMEs. The results also suggested that tax knowledge has a significant impact on tax compliance even though the level of tax knowledge varies significantly among respondents. The results also indicate that tax compliance is influenced specifically by probability of being audited, perceptions of government spending, penalties, personal financial constraints. Results of this study answer such questions as which various taxpayer characteristics of tax knowledge affect compliant behaviour. The results of this study also inform policymakers on the extent to which tax knowledge is important in a self assessment system and in what ways it can affect compliance.Keywords: taxpayers’ attitude, tax compliance, SMEs, developing economy, tax knowledge, tax rate.
CHAPTER ONE
INTRODUCTION
1.1. BACKGROUND TO THE STUDY
Most large companies have their roots in small and medium enterprises suggesting that the future large corporations are the SMEs of today that that must be nurtured to ensure their growth. Thus, SMEs are generally perceived to be the seedbed for indigenous entrepreneurship and generate all the many small investments, which would otherwise not have taken place (Aryeetey & Ahene, 2004). Therefore, developing economies like Nigeria needs to further the development of its private sector by creating an environment favorable to the growth of SMEs, strengthening the factors that lead to business success, and addressing the problems threatening the existence and advancement of small and medium enterprises (Chu, Kara & Benzing, 2008), so they can adequately play the role expected of them in economic transformation. Such role includes mobilization of domestic savings for investment, appreciable contribution to gross domestic product, increased harnessing of local raw materials, employment generation, and significant contribution of poverty reduction efforts through sustainable livelihoods and enhancement in personnel income, technological development and export diversification (Smatrakalev, 2006).
Small Businesses are key players in the economy of developing countries such as Nigeria, as they generate significant employment and output. .Due to the importance of this sector in the country’s economy, it is important that the strategies of tax administration that are implemented enhance the SME taxpayers’ attitude and compliance towards paying taxes. Federal Inland Revenue Services (FIRS) major purpose is assessment, collection, administration and enforcement of tax laws with professionalism governed by integrity and fairness. Nigeria FIRS administer different types of taxes under different Laws and Acts such as Income Tax, Value Added Tax, Customs Duties and Exercise Tax among others and hence, are supposed to ensure taxpayers comply with the respective tax laws. It has been observed however, from previous taxation studies that several SMEs in developing economies are non tax compliant in spite of major reforms, since they cannot easily be located by tax administration, yet they pay less tax than their fair share of tax.
Taxation is one of the important elements in managing national income, especially in developed countries and has played an important role in civilized societies since their birth thousands years ago. Tax is defined as ‘a compulsory levy, imposed by government or other tax raising body, on income, expenditure, or capital assets, for which the taxpayer receives nothing specific in return. However, not all payments to government are considered tax payments: for example, charges, tolls and other levies are paid to obtain a specific service and are not strictly tax payments.
The importance of tax systems as a major revenue source in a country is undeniable, these statistics have evidenced that tax revenues are one of (if not the) main income source for many governments throughout the world but to maximize tax collection and minimize tax evasion among taxpayers is difficult to achieve in practice.
Accordingly, tax compliance is widely acknowledged, as a universal phenomenon that prevails in all economies and societies systems in developing and developed countries. Questions about tax compliance are as old as taxes themselves and will remain an area of discovery as long as taxes exist.
History has shown that there has always been a reluctance to pay tax. A major reason for this attitude is that the taxpayer does not always perceive that he receives any benefits from parting with his hard earned cash.
Most citizens, however, realize that state expenditure for the purpose of creating or maintaining national infrastructures, such as services and roads, is a necessity. But, citizens object to having to finance unnecessary state expenditure. In this regard, everyone has his own understanding of what is unnecessary. Taxpayers feel that whatever is contributed by way of tax is mostly squandered away and the social responsibilities the government is expected to discharge get neglected.
The government’s bad image because of its failure to discharge functions is a great disincentive for paying taxes. Most people feel that tax is a burden and should be avoided. Taxpayers feel that they are being treated harshly and the punitive provisions in the tax laws are applied ruthlessly against them. Hence, it is better to be away from the tax department and the number of non-filers of tax returns is increasing.
In this climate of mutual trust and voluntary compliance, the compliance behavior is influenced by different factors as pointed out by Nicoleta (2011). Taxpayers‟ attitudes towards the tax system and the way taxpayers feel treated by a tax authority are important in explaining taxpayer non‐compliance. Related to the tax system itself, there is specific evidence to suggest that perceptions of unfair tax burdens can affect taxpayers‟ views about paying tax and can go on to affect their compliance decisions. Tax fairness seems to involve at least two different dimensions: the first relates to the benefits one receives for the tax given; the second dimension involves the perceived equity of the taxpayer’s burden in reference to that of other individuals.
Tax compliance is defined as the accurate reporting of income and claiming of expenses in accordance with stipulated tax laws. Thus, the failure of small scale entrepreneur to accurately report or pay income tax is considered non-compliance tax. Roth et al. (2005) also defined tax compliance as filing all required tax returns at the proper time and that the returns accurately report tax liability in accordance with the tax code, regulations and court decisions applicable at the time the return is filed.
1.2. STATEMENT OF PROBLEM
The issue of compliance is major problem and it should be researched at length. Currently the government is not collecting enough taxes and people are not complying, the issue is to identify the root problem. The problem of not complying is highly assumed to be related to attitude. This relationship is not well understood due to lack of research in this area, so there is a gap which the researcher is trying to work on by formulating this study.
The rise in the non-compliance of tax payment among SMEs in Pleateau has an influence on the budget deficit in Nigeria negatively. This problem has led to the increase in public debt which causes an absence of tax justice between the citizens and lead to the increase in the rate of tax non-compliance especially in among SMEs who are small taxpayer’s.
It is a well known fact that the revenue generated from the taxation of individuals and businesses is an important stream of income for government. In an economy like ours that is struggling to remain afloat, it is even more important. Tax revenue is the source of funds used for development projects such as provision of infrastructure like good roads, stable power supply, stable water supply etc. All of which combine to create an enabling environment for businesses –and in turn the economy at large- to grow. Small and Medium Enterprises being profit generating establishments are also expected to pay their dues. Yet, the important question however is “how much tax should they be levied”. Small and medium enterprises are volatile establishments that need special treatment. Putting their nature into consideration, every little resource at their disposal can make a world of difference. For this reason, a number of Nigerian SMEs choose to remain in the informal sector because they feel the cost of compliance is too high. And a considerable number of those who pay only do so because they are coerced by the authorities.
Thirdly, since the individual SME pays a very small amount of tax compared what the larger establishment would pay, tax authorities tend give the larger corporations more attention. This means a good number of SMEs get away with not paying their taxes hence revenue that would otherwise have been invested in development projects that will end up being of benefit even to the SMEs is lost. This therefore is a situation that needs to be corrected.
Furthermore, many SME taxpayers do not know the domain of tax professionals since they lack the independence and have no tax competency. (Mof & Mor 2010) One of the chief features of SMEs is the lower level of the specialist tax expertise and greater owner-involvement in day-today management and this call for them to search for assistance from experts. Consequently, a developing country like Nigeria is still characterized by the low income tax compliance levels, in the face of the numerous advocacies for voluntary tax compliance. Many of such governments have adopted tax compliance administrative measures like penalties, rates and tax audits to ensure tax enforcement instead of compliance, which have still failed to yield positive response.
Finally, besides, the low compliance level in Plateau State has been deep rooted in incessant stagnation of income taxes at 25.8% from 13.2% with high rates of tax avoidance and evasion. In addition the tax potential of SMEs in developing countries is partially exploited as most enterprises have small profits from the inaccurate financial records (Nakiwala, 2010); hence having presumptive tax revenue contribution towards total tax revenue in the state as less than 0.5% of total tax.
It is suspected that low income tax proficiencies among tax payers may be responsible for the low levels of income tax compliance.
Whereas previous research has attempted to examine the predictors of tax compliance like social norms, taxpayers‟ morale and nature of tax system, using models from a developed world context.
The above problem brings to light reasons why the issue of taxation of SMEs is really important. First, tax provides revenue for the government to create an environment that will ease the running of all businesses SMEs inclusive.
At the same time if an SME is faced with high compliance costs, it has a tendency to avoid paying taxes hence; the revenue that would have been used to create this environment is diminished thereby reducing the SME’s chances of survival.
It is against this backdrop, that this study tends to evaluate the determinants of tax compliance of SMEs in Plateau State.
1.3. OBJECTIVES OF THE STUDY
The general objective of the study is to assess the determinants of tax compliance of SMEs in Plateau State.
Other specific objectives include:
Identify the factors that encourage non-compliance with tax obligation by SMEs in Plateau State.
Ascertain the level of financial literacy and exposure of the owners/managers of SMEs on tax compliance by SMEs.
Determine maybe the probability of detection and degree of punishment for tax evaders have a significant impact on SMEs tax compliance in Plateau State.
Determine whether the perceived fairness of tax rates and tax legislations on the part of SMEs have a significant impact on their tax compliance.
Determine how the individual taxpayers’ perceives the burden of tax influences on the attitudes of individual taxpayers in Plateau State.
Assess the effect of taxpayers’ attitudes and the factors influencing it compliance behavior among SMEs business income earners in Plateau State.
1.3. RESEARCH QUESTION
The research question provides a framework and guidelines through which substantial knowledge of the research study can be understood.
Arising from the above, the research question asked includes:
What are the factors that encourage non-compliance with tax obligation by SMEs in Plateau State?
Does the level of financial literacy and exposure of the owners/managers of SMEs have a significant impact on tax compliance by SMEs?
Does the probability of detection and degree of punishment for tax evaders have a significant impact on SMEs tax compliance in Plateau State?
Does the perceived fairness of tax rates and tax legislations on the part of SMEs have a significant impact on their tax compliance?
To what extent do individual taxpayers’ perceptions of the burden of tax influences the attitudes of income taxpayers in Plateau State?
How do taxpayers’ attitudes and the factors influencing it affect compliance behavior among SMEs business individual taxpayers in Plateau State?
1.4. STATEMENT OF HYPOTHESIS
In order to achieve our research objectives, the following research hypotheses are formulated and presented in the null form:
HYPOTHESIS ONE
Ho1 – There is no relationship between taxpayer attitudinal aspects and tax compliance of SMEs IN Plateau State.
HYPOTHESIS TWO
The level of tax knowledge and exposure of owners/managers of SMEs has no significant impact on the tax compliance of SMEs.
HYPOTHESIS THREE
Fairness of tax rates and tax legislations on the part of government has no significant impact on the tax compliance of SMEs.
1.5. SCOPE OF THE STUDY
As mentioned earlier, the main aim of this study is to examine the determinants of tax compliance among SMEs in Plateau State. While tax compliance determinants are limited to nine variables, prior literature indicates as likely to be the core determinants.
This seminar paper focus on the informal sector of the economy, because these persons were self employed/petty traders and individuals engaged in small and medium scale enterprises located within the Jos Metropolitan area.
The meaning of small and medium scale enterprises in this study is based on the definition and classification i.e. the age of respondents, annual incomes, educational backgrounds and the type of enterprise operated were analyzed. These factors were considered important because of their likely effects on the individual’s compliance decision.
The scope of this research work covers all the SMEs in Plateau State, Nigeria. For our field study, a number of SMEs will be randomly selected from the Jos Metropolis as the representative sample of the study.
Specifically, 150 SMEs will be randomly selected from the Benin Metropolis from which 150 respondents will be drawn from the management or ownership cadre of the establishments.
In this regard our sample comprises of SMEs drawn from the following sectors: oil, agribusiness, eateries, hotels, bakeries, building and construction, transport companies, schools, shopping malls, beauty shops and ICT-firms. Respondents were drawn from the management and ownership cadre of these establishments.
1.6. SIGNIFICANCE OF THE STUDY
The Government of Plateau relies mostly on tax revenues as an important source of financing almost a half of its annual budget. Despite the efforts made by the Government to equip the tax administration with adequate resources (both human and capital), only a half of its budget is financed by tax revenues, and this may limit the Government to offer adequate goods and services needed by the citizens. The knowledge of determinants of tax compliance in Plateau State will help the State Tax Administration to put in place an informed compliance strategy to address compliance issues and therefore, boosting government tax revenue collections.
The significance of this study is primarily underscored by its focus on tax compliance which stands as one of the major challenges of our nation’s tax system, as well as on the SMEs sub-sector as a relevant sector of the economy. In this regard, this study will provide insight into the factors responsible for the near-absence of a comprehensive and coherent tax policy for the Nigerian SMEs sector.
One of the major contributions of this study is to assist the State Internal Revenue Service in developing their tax education system and tax audit judgments in tax compliance. The findings of this study will give indicators to the tax administrator in terms of the level of tax knowledge, compliance, and the characteristics of taxpayers’ compliance behaviour in assisting the SIBR to accomplish the three fold objectives of SAS, including impacts on voluntary compliance among the taxpayers, especially for SMEs.
The relevance of our study is further reinforced for by the dearth of scholarly and empirical literature on tax compliance in the Nigerian economy, especially studies focusing on the tax compliance of SMEs in Nigeria. In this regard, this research study is an addition to the already existing body of knowledge in this area and would be beneficial to researchers in similar analysis or investigations.
Finally, besides academic interests into tax compliance determinants in this critical sector, this study is relevant from a policy perspective. In this regard, this research study empirically establishes the critical determinants of tax compliance of Nigerian SMEs and there from propose result-based recommendations for policy makers, as well as tax and revenue authorities.
It will also be of use to the student, researchers for further research study, the existing and prospective entrepreneur as well as any interested party. It will assist students in their knowledge build-up and appreciation of the concept of tax compliance and it determinants in the case of small and medium scale businesses in Nigeria.
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Tags: DETERMINANTS OF TAX COMPLIANCE AMONG SME’s IN PLEATEAU STATE
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EFFECT OF TREASURY SINGLE ACCOUNT ON MANAGEMENT OF PUBLIC SECTOR FUND – FEDERAL SECTOR ESTABLISHMENT IN MAIDUGURI
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
In 2015, Central Bank of Nigeria issued a circular directing all deposit money banks to implement the Remita e-Collection Platform. The Remita e-Collection is a technology platform deployed by the Federal Government to support the collection and remittance of all government revenue to a Consolidated Account domiciled with the CBN. This marked the beginning of the full implementation of Treasury Single Account (TSA) system in Nigeria.
Though Section 80 (1) of the 1999 Constitution as amended states “All revenues, or other moneys raised or received by the Federation (not being revenues or other moneys payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation”; successive governments have continued to operate multiple accounts for the collection and spending of government revenue in flagrant disregard to the provision of the constitution which requires that all government revenues be remitted into a single account.
In 2012, the government ran a pilot scheme for a single account using 217 ministries, department and agencies as a test case. The pilot scheme saved the country about N500 billion in frivolous spending. The success of the pilot scheme motivated the government to fully implement TSA, leading to the directives to banks to implement the technology platform that will help accommodate all MDA’s in the TSA scheme. The recent directives by President Mohammed Buhari that all government revenues should be remitted to a Treasury Single Account is in consonance with this programme and in compliance with the provisions of the 1999 constitution.
Treasury Single Account is a public accounting system under which all government revenue, receipts and income and collected into one single account, usually maintained by the country’s Central Bank and all payments done through this account as well (Lawrence, 2006). The purpose is primarily to ensure accountability of government revenue, enhance transparency and avoid misapplication of public sector funds. The maintenance of a Treasury Single Account will help to ensure proper cash management by eliminating idle funds usually left with different commercial banks and in a way enhance reconciliation of revenue collection and payment (Lawrence, 2006).
Government banking arrangements are an important factor in managing and controlling government’s cash resources. They are critical for ensuring that all tax and non-tax revenues are collected and payments are made correctly in a timely manner; and public fund balances are optimally managed to reduce borrowing costs (or to maximize returns on surplus cash). This is achieved by establishing a unified structure of government bank accounts via a treasury single account (TSA) system. A TSA is a prerequisite for modern cash management and is an effective tool for the ministry of finance/treasury to establish oversight and centralized control over government’s cash resources (Williams, 2010). It provides a number of other benefits and thereby enhances the overall effectiveness of a public financial management system. The establishment of a TSA should, therefore, receive priority in any public financial management reform agenda.
A TSA enables regular and effective monitoring of government cash resources/public fund by providing complete and timely information. A TSA also facilitates better fiscal, debt management, and monetary policy coordination as well as better reconciliation of fiscal and banking data, which in turn improves the quality of fiscal information. Also, the establishment of a TSA significantly reduces the government debt servicing costs, lowers liquidity reserve needs, and helps maximize the return on investments of surplus cash.
1.2 STATEMENT OF THE PROBLEM
The Central Bank of Nigeria has opened a Consolidated Revenue Account to receive all government revenue and effect payments through this account. This is the Treasury Single Account. All Ministries, Departments and Agencies are expected to remit their revenue collections to this account through the individual commercial banks who act as collection agents. This means that the money deposit banks will continue to maintain revenue collection accounts for MDA’s but all monies collected by these banks will have to be remitted to the Consolidated Revenue Accounts with the CBN at the end of each banking day. In other words, MDA’s accounts with money deposit banks must be zerorized at the end every banking day by a complete remittance to the TSA of all revenues collected. The implication is that banks will no longer have access to the float provided by the accounts they maintained for the MDA’s. It will help to block most if not all the leakages that have been the bane of the growth of the economy. We have a situation where some MDA’s manage their finances like independent empire and remit limited revenue to government treasuries. Under a properly run TSA, this is not possible as agencies of government are meant to spend in line with duly approved budget provisions. The maintenance of a single account for government will enable the Ministry of Finance monitor fund flow as no agency of government is allowed to maintain any operational bank account outside the oversight of the ministry of finance. It is on this note that the researcher is examining the effect of TSA on management of public sector fund.
1.3 OBJECTIVES OF THE STUDY
The following are the objectives of this study:
To examine the effect of Treasury Single Account on management of public sector fund in federal sector establishment in Maiduguri
To assess the processes involved in the implementation of Treasury Single Account.
To examine the disadvantages of Treasury Single Account.
1.4 RESEARCH QUESTIONS
What is the effect of Treasury Single Account on management of public sector fund in federal sector establishment in Maiduguri?
What are the processes involved in the implementation of Treasury Single Account?
What are the disadvantages of Treasury Single Account?
1.5 HYPOTHESIS
HO: Treasury Single Account does not have any significant effect on the management of public sector fund in Federal establishments in Maiduguri.
HA: Treasury Single Account does have any significant effect on the management of public sector fund in Federal establishments in Maiduguri.
1.6 SIGNIFICANCE OF THE STUDY
The following are the significance of this study:
The outcome of this study will educate the government functionaries, political stakeholders, legislatures and the general public on the effect of Treasury Single Account on management of public sector fund.
This research will be a contribution to the body of literature in the area of the effect of personality trait on student’s academic performance, thereby constituting the empirical literature for future research in the subject area.
1.7 SCOPE/LIMITATIONS OF THE STUDY
This study is limited to Federal sector establishments in Maiduguri. It will also cover the effect of treasury single account on management of public sector fund.
LIMITATION OF STUDY
Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work
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Tags: EFFECT OF TREASURY SINGLE ACCOUNT ON MANAGEMENT OF PUBLIC SECTOR FUND - FEDERAL SECTOR ESTABLISHMENT IN MAIDUGURI
