Social Sciences

Role of Company Income Tax on Economic Development in Nigeria

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This study is limited to the impact to company income tax in relation to economic growth in Nigeria.

This study deals specifically on how tax particularly company income tax enhances the performance of economic development in Nigeria.

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This research is a report on the findings carried out on the role of company income tax on economic development in Nigeria: A case study FIRMS. The main purpose of this studies is to support the government for the administration of laws and as the means of continuing in operation in various legitimate functions of the states. The research design used for the study is descriptive and survey research. The company income tax contribute significantly to the development of Nigeria economy. The results were analyzed, findings discovered, highlighted and recommendation were made. This is no gain saying that there are no limitation to research work generally any short coming that arises is as a result of this factors which acted as the limitation of this research work.

Tax revenue mobilization as a source for financing development activities in Nigeria has been a difficult issue primarily because of various forms of resistance, such as evasion, avoidance corrupt practices attending to it. These activities are considered as sabotaging the economy and are readily presented as reasons for the underdevelopment of the country. Government exists in order to effectively collect taxes from available economic resources and make use of same to create economic prosperity such that available and willing human and other resources are gainfully employed, infrastructures provided, essential public services (such as the maintenance of law and order) put in place etc., tax resistance only makes these goods unattainable. Following some reasoning, changing or fine-tuning tax rates is used to influence or achieve macroeconomic stability. Some of the most recently cited examples are the governments of Canada, United States, Netherlands, United Kingdom, who derive substantial revenue from Company Income tax, Value Added Tax, Import Duties and have used same to create prosperity (Oluba, 2008).

In Nigeria the contribution of tax revenue especially company income tax has not met the expectations of government. Government has equally expressed this disappointment and has accordingly vowed to expand the non-oil tax revenue.

According to Amadasu (2001), most taxes serves for more than one purpose but a single dominant of tax to regulate in a macro sense.

In the actual sense, the system helps to stabilize the economy. A good tax system should have a desirable effect on the economy, on the same vein it is believed that tax system in Nigeria have equity, as value judgement in this orientation and it was further interpreted equal should be treated equally Amadasu (2001).

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