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The Problems And Prospects Of Company Income Tax Administration In Nigeria
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1.3 RESEARCH OBJECTIVES
1. To ascertain whether sharp practices in
administration between the staff of FBIR and assess company contributed
to tax evasion
2. To ascertain if there is any variation between financial statement used for AGM and that sent to FBIR for tax administration
3. To ascertain whether loss of confidence in government officials has contributed to tax evasion.
1.4 RESEARCH QUESTIONS
For the purpose of this study the following question were raised for an indept study of this research work;
1.
To what extent has sharp practices in administration between the staff
of the FBIR and assess company contributed to tax evasion
2. To what extent has there been variation between financial statement used for AGM and that sent to FBIR for tax administration
3. Has loss of confidence in government officials contributed to tax evasion
1.5 RESEARCH HYPOTHESIS
HYPOTHESIS ONE;
Ho:- Sharp practices in tax administration between the staff of FBIR and assessed company does not contributes to tax evasion
H1:- Sharp practices in tax administration between the staff of FBIR and assessed company contributes to tax evasion
HYPOTHESIS TWO;
Ho:- There is variation between the financial statement used for AGM and that used for tax administration of assessed company.
H1:- There is no variation between the financial statement used for AGM and that used for tax administration of assessed company
HYPOTHESIS THREE;
H0:- The loss of confidence in government does not contribute to tax evasion
H1:- The loss of confidence in government contributes to tax evasion.
1.6 SIGNIFICANCE OF STUDY
The
result of this study will throw more light on the problems of
companies’ income tax administration in Abia state Nigeria. The special
emphasis on the federal Board of Inland revenue (FBIR) will highlight
peculiar problems and difficulties in administering the companies’
income tax would increase the revenue generation of the government.
1.7 SCOPE OF THE STUDY
This
study shows the problems and prospect of Nigerian company tax with Abia
State Federal Board of Inland Revenue as the case study. The period
covered by this research enabled the research to be reliable.
1.8 LIMITATION OF THE STUDY
This
research study is limited to detailed study of (FBIR) and the relevant
Act setting it up with particular emphasis on the overall administration
of the act in Abia state.
Gathering of relevant data for this study
was a hectic task it is also expected that there will be limited mostly
in areas of questionnaire distribution answering the question sincerely
and returning them (especially the tax officials) due to fear of the
unknown.
1.9 THE OPERATIONAL DEFITION OF TERMS.
1. ASSESSMENT AUTHORITY:- This is the body appointed by the board for the purpose of assessing tax payable.
2.
COMPANY:- A company is defined by section 3(1) of the act as “any
co-operation(other than a corporation sole) established by or under any
law in force in Nigeria orelsewhereâ€. The relevant tax authority in
respect of company income tax is the Federal Board of inland revenue.
3. COMPANIES INCOME TAX:- This is the tax imposed on the profit made by companies.
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