Global Advanced Research Journal of Economics, Accounting and Finance (GARJEAF)
May 2015 Vol. 3(1), pp. 001-009
Copyright © 2015 Global Advanced Research Journals

 

Full Length Research Paper

Revisiting taxation and advancing criteria for a good tax system in Nigeria

Adedokun Y1, Ajayi JK2* and Oyesiji YK3

1Department of Accountancy the Polytechnic Ibadan, Saki Campus,
2Department of Public Administration and LGS the Polytechnic Ibadan, Saki Campus
3Department of Banking and Finance the Polytechnic Ibadan, Saki Campus

*Corresponding Author Email: kolaajayi4christ@yahoo.com

Accepted 27 November, 2014

Abstract

Tax is one of the oldest and commonest sources of revenue to government all over the world. Taxation is however not only a source of revenue but also represents a potent instrument of public policy which serves a diverse role in the modern society. The basic types and nature of taxes levied in the course of history have been profoundly affected in character and scope by the nature of the political, economic and social changes, which every society experienced. In a nutshell, the tax system operating in a country is the product of the commutative effect of the political and economic history of that country. In Nigeria, the first twenty years after independence witnessed respectable growth record in social, political and economic activities. Accompanying this economic growth rate was the problem of social inequality, external dependence, mass poverty and rural impoverishment due to many reasons of internal managerial and administration contradictions and further fuelled by external shocks. These socio-economic and political features have since had varying impacts on the pattern of nation’s development. They have also had an effect on the various sources of revenue which the various tiers of government in Nigeria depend upon. It has long been evident that tax in Nigeria has remained the most unsatisfactory, disappointing and problematic concept in spite of the fact that tax reform has of recent been a key element in economic reform which the country had undergone. It is therefore felt that taxation in Nigeria requires radical handling to ensure that a large chunk of the taxable population does not escape tax which will enhance development and growth of the economy. An effective tax system ought to satisfy the twin purpose of raising maximum revenue and at the same time encourage production. And if well structured and managed will elicit a feeling of common purpose, joint responsibility or obligation amongst the taxable persons in a country. This paper therefore examines the hydra-headed problems of tax collection and administration in our tax system. It also highlights the reasons for tax avoidance and proffer advancing criteria for good tax system in Nigeria.

Keywords: Taxation, Advancing Criteria Tax System, Revenue

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