Description
An appraisal of value added tax as a tool for sustainable economic development in Nigeria – case of Federal Inland Revenue Service, Lokoja.
Abstract
This work is an appraisal of Value Added Tax as a tool for sustainable economic development in Nigeria using Federal Inland Revenue Services, Lokoja as the case study. The major objective of this project is to evaluate if revenues generated through Value Added Tax can be used as a tool for sustainable economic growth and development. The methodology adopted in gathering data was descriptive method, both the primary and secondary methods. The major instrument used to gather data from primary sources is the questionnaire. From a population of 32, a sample size of 30 respondents was selected using simple random technique. Findings revealed that valued added tax has a positive impact on sustainable development and that problems associated with valued added tax have a negative impact on the economy. In view of the findings, it was recommended that all vatable persons in the state be dully registered, registration of all business centers will make the job easier for the VAT office. The officers of Federal Inland Revenue Services of Kogi State must go round the state to enforce the laws and regulations guiding the payment of value added tax (VAT). Government at all levels should use the proceeds from VAT for infrastructural developments, this will further encourage people to pay taxes without complaining.
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