This website uses cookies to ensure you have the best experience. Learn more

Impacts Of Vat On Nigerian Economy

351 words - 2 pages

The impact of value added tax in Nigeria is that of a coin, what I mean by that is that it has two sides, both negative and positive,on the side of government, it has tremendiously increased the revenue earnings as opposed to the normal system before the advent of the (vat), it has reduced the incidence of tax invasion as many people who hitherto used to avoid vat has been paying as it is indirect form of tax system. Many goods that people purchase these days has tax tag sometimes ...view middle of the document...

It is a consumption tax levied at each stage of the consumption chain, and is borne by the final consumer. It requires a taxable person upon registering with the Federal Board of Inland Revenue to charge and collect VAT at a flat rate of 5% (recently increased to 10%) of all invoiced amounts of taxable goods and services.

VAT paid by a business on purchases is known as input tax, which is recovered from VAT charged on company's sales, known as output tax. If output exceeds input in any particular month the excess is remitted to the Federal Board Of Inland Revenue (FBIR) but where input exceeds output the taxpayer is entitled to a refund of the excess from FBIR though in practice this is not always possible.

A Taxpayer however has the option of recovering excess input from excess output of a subsequent period. It should be stated at this point that recoverable input is limited to VAT on goods imported directly for resale and goods that form the stock-in-trade used for the direct production of any new product on which the output VAT is charged. The other side of the coin is that many people have been complaining of price hike in most goodsd and services provided by government and companies and this is as a result of vat because most services and goods are taxable these days. http://danrab.blogspot.com

Other Papers Like Impacts Of Vat On Nigerian Economy

Entrepreneurial Development Studies Essay

1100 words - 5 pages NDDC Assess the impact of the multinationals in the Nigerian Economy with regard to FDI and FPI Youths and entrepreneurial Development: Realty or Myth Evaluate the implementation of MDGs and the realization of the objectives by 2015. The effect of entrepreneurial development on poverty reduction The impact of privatization on Nigerian economic development and growth. Evaluate the impact of different reforms in the Nigerian reforms on

The Impact Of Tax Revenue On Economic Growth

1418 words - 6 pages an econometric basis upon which to examine the effect of tax revenue on Nigeria’s economic growth. It will empirically highlight the effect of various form of tax revenue on the growth or otherwise of the Nigerian economy, thus the study would be of relevance to the government, individuals and researchers in similar field of study. 1.6 SCOPE AND METHODOLOGY The scope of this study shall cover the revenue generation from taxes and tax reforms

Impact Of Mobile Information And Communication Technology On Cybercrime

6752 words - 28 pages Semiu and Adekunle Yinka(2013). Impact of Cyber Crimes on Nigerian Economy The International Journal Of Engineering And Science (IJES) Volume| 2 Issue 4 Pages 45-51 ISSN(e): 2319 – 1813 ISSN(p): 2319 – 1805 www.theijes.com Maitanmi Olusola, Ogunlere Samson, Ayinde Semiu, & Adekunle Yinka (2013); Cyber Crimes and Cyber Laws in Nigeria The International Journal Of Engineering And Science (IJES) ||Volume||2 ||Issue|| 4 ||Pages|| 19-25||2013|| ISSN(e

Pestle For Zara Plc

1428 words - 6 pages utility costs and value-added tax (VAT) Firms observed that telecommunication costs, electricity and water tariffs are very high compared with other countries in the region. The VAT rate of 18 percent was also perceivedas being too high. Tanzania is taking measures to rectify the situation by reducing import tariffs on information and telecommunicationequipment to facilitate access and maximize the advantages of information and communication

Title Page Climate Change And Its Effects In South-South Part Of Nigeria

4683 words - 19 pages or systematic approaches and policies targeted at combating, mitigating, and adapting to the impacts of climate change. However, preliminary steps have been taken by publishing a First National Communication on Climate Change, as part of the country’s obligations to the United Nations Frame Work Convention on Climate Change, by setting up a national focal point on climatic change and creating a unit to facilitate Nigeria’s participation in the

Economics In Nigeria

1755 words - 8 pages largest population with 173.6 million people and the largest economy as well. Although Nigeria’s economy is the largest in Africa, 61 percent of the residents are reported to survive on less than $1.00 per day with corruption within the government being the main reason for poverty. Nigeria is also the largest oil producer in Africa and the 10th largest oil producer in the world and as of 2009, the Nigerian film industry was the second largest

The Impact Of Information Technology On The Accountancy Profession In Nigeria

309 words - 2 pages The Impact Of InformatiOn Technology On The Accountancy prOfessiOn In Nigeria THE IMPACT OF INFORMATION TECHNOLOGY ON THE ACCOUNTING PROFESSION IN NIGERIA By: Idongesit Efiong Utah ABSTRACT This research focuses on assessing the impact of information technology on the Nigerian Accounting profession by examining four areas: Impact on the public and private sector, the challenges and reaction to the challenges posed by information

Premarital Sex

3625 words - 15 pages conferences at which positions were taken on national issues. The most distinguishing characteristics of professional associations were their elitist and urban base, and the nonviolent pursuit of their interests.Trade UnionsThe central trade union in the country was the Nigerian Labour Congress (NLC), which was formed in 1975 as the umbrella trade union and recognized by Decree Number 44 of 1976 as the sole representative of all trade unions in the

Tax Evasion In Bangladesh

5263 words - 22 pages economic growth, the tax system must be so designed as to raise the rates of savings and investments. · The government not only raises revenue through taxation but it also imposes restriction on the use of certain goods and services. · In order to protect the local industries from the uneven competition government may provide tax incentives for poor local industries. · The tax revenue can be used by the government to ensure the economic

Culture And Consumer Behavior Research Method

856 words - 4 pages research are as follow: what culture it and how it impacts consumer behaviors in Nigeria, how culture asct as an invisible hand that guides consumption-related attitude, values and behavior, how culture set standards for what satisfies consumers’ needs, how consumers are always adapting to culture-related experiences, how the impact of culture on consumer behavior is measured and how core culture values impact Nigerian consumers. Using the Hofstede’s

International Human Resource Management

4261 words - 18 pages , in return, employees have certain obligations to their employers. Nigeria: the Legal Obligations, Labor, and Management Relations Being a federal constitutional republic consisting of 36 states, the Nigerian legal system is based on both English common law modified by Nigerian rulings at the federal level, and Islamic law, with Sharia law incorporated, into it previously secular legal systems in 12 Muslims predominantly northern states. Despite

Related Essays

Impacts Of Human Behavior On The Environment

1213 words - 5 pages RUNNING HEAD: Impacts of Human Behavior on the Environment 1 Impacts of Human Behavior on the Environment Psy 460 Impacts of Human Behavior on the Environment 2 Environmental psychology is the study of the link between human behavior, the direct impact on the environment, and the psychology of humans. The physical or manmade environment such as

Effect Of Slowing Economy On Real Estate

273 words - 2 pages Effect of the slowing economy on Real Estate sector Nilisha Parikh Proposed guide(s): To be identified 31 December 2012 Background and need for the study "India is projected to grow at 5.9 per cent in 2012-13 compared with 6.5 per cent in 2011-12," The UN Economic and Social Commission for Asia and the Pacific (ESCAP) said in the report titled 'South and South-West Asia Development Report 2012-13. Recession is often accompanied by inflation and

Accountability Has Become Hostage Of Plea Bargain. Does Plea Bargaining Undermine The Criminal Justice System? Legal And Social Impacts On Society

1643 words - 7 pages Accountability has become Hostage of Plea Bargain. Does Plea Bargaining Undermine the Criminal Justice System? Legal and Social Impacts on Society. Student’s Name Institution Contents 1.1 Background to the Study...............................................................................................4 1.2 Purpose of the Study.....................................................................................................5 1.3

An Analysis Of The Effects Of The Big Four Super Markets On The Local Producers, Retailers, Community And Economy Of The U.K

2832 words - 12 pages An Analysis of the Effects of the Big Four Super Markets on the Local Producers, Retailers, Community and Economy of the U.K Introduction to the ‘Big Four’: Grocery shopping in the United Kingdom is dominated by four companies that have opened up retail outlets there. All of these companies are British. They all have a huge market share and have thus earned the title of ‘The Big Four.’ Following is a small introduction of each of the four