THE IMPACT OF INTERNAL CONTROL SYSTEM ON REVENUE GENERATION. A CASE STUDY OF BENUE INTERNAL REVENUE SERVICE, NIGERIA

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ABSTRACT

This research is on the impact of internal control system on revenue generation. The economy of the states in Nigeria and their internally generated revenues have constantly varied as years go by, this change has brought in competitions into how business is done day to day and how much is generated in this activity carried out. Notably there has being constant shift in the needs and priorities of customers, which also has made business owners to always look into the market and understand what they are to provide for their customers.

The aim of this study is to look into understanding if there is any impact of internal control systems on revenue generation in Benue state, under the revenue collecting agency, (BIRS) Benue Internal Revenue Service.

This study is significant to the staffs of Benue state Internal revenue service who have  the responsibility to collect tax for the government, the research focuses on addressing the relevant need associated with how basic job functions are to be treated by this staffs, since generation of revenue is key to the development of the society the staffs have to understand that there is need for them to have well thought strategies, work scheduling and general job functions that will enhance their productivity and address the lingering issues that lead to less revenue collections in the state.

The research design to be used in this study will be descriptive design as the study population to be contacted cut across employees at the Benue Internal Revenue Service, Traders, civil servants and other necessary members of the general public.

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CHAPTER ONE

 INTRODUCTION

1.1 Background of the study

This research is on the impact of internal control system on revenue generation. A case study of Benue internal revenue service. The economy of the states in Nigeria and their internally generated revenues have constantly varied from time to time, this change has brought in competitions into how business is done day to day and how much is generated in this activity carried out. Notably there has being constant shift in the needs and priorities of customers, which also has made business owners to always look into the market and understand what they are to provide for their customers. With this there is the need for those saddled with the process of collecting revenues from business owners to ensure they have a dynamic integral process that would constantly adapt to the changes in their environments for better revenue collection. This dynamic approach also means staff of the revenue collection agency, would have to be up and doing to better understand how they levy task on business owners to ensure smooth they keep up with their mandated mission and general objectives.

This also means that the use of internal control which can be seen as a check and balance approach, will be useful to ensure that staffs of the collection agency would at all time understand the importance to eb upright in discharging their duties and not found wanting in any way.

1.2 Statement of the problem

There is the need for government at all levels to have adequate funds and generated revenues to be able to deliver on their mandates, but that has not always been the case, due to low generation of revenue. A situation like this has led to abandonment of projects, salary payment issues, and more worrisome, Tax evasion. Based on this, there is a need to focus on what the problem could be from within the organization saddled with collecting these revenues from Business owners in Nigeria, the agencies for the states are State Internal Revenue Service, while for the Federal Government is the Federal Internal Revenue Service.

Based on this the impact of internal control systems on revenue generation will be discussed with the aim of understanding what can be done by the authorities/staffs responsible for revenue collection to better improve on their work functions.

1.3     Aim and Objectives

The aim of this study is to look into understanding if there is any impact of internal control systems on revenue generation in Benue state, under the revenue collecting agency, (BIRS) Benue Internal Revenue Service.

The specific objectives of this study are as follows;

  1. To examine if the attitude to work of staffs of BIRS, have a part to play in revenue generation for the state.
  2. To examine the contribution of taxation on revenue generation in Benue State.
  3. To ascertain the extent to which tax evasion and tax avoidance has affected negatively on revenue generation in Nigeria as country.

1.4 Research Questions

The research questions key to this study are as follows;

  1. To what extent has internal control help to ensure better revenue collection for the government?
  2. To what extent has taxation contributed on revenue generation in Benue State?
  3. To what extent has taxation contributed to the steady growth in Gross Domestic Product in Nigeria?

1.5 Research Hypotheses

H0: There is no significant relationship between internal control and revenue generations.

H1: There is significant relationship between internal control and revenue generations.

H0: The attitude to work by staff of BIRS has no significant contribution to revenue collection.

H1:  The attitude to work by staff of BIRS has significant contribution to revenue collection.

iii. H0: Taxation has not contributed significantly to revenue generation in Nigeria.

H1:  Taxation has contributed significantly to revenue generation in Nigeria.

1.6 Significance of the Study

This study is significant to the staffs of Benue Internal revenue service who have  the responsibility to collect tax for the government, the research focuses on addressing the relevant need associated with how basic job functions are to be treated by this staffs, since generation of revenue is key to the development of the society the staffs have to understand that there is need for them to have well thought strategies, work scheduling and general job functions that will enhance their productivity and address the lingering issues that lead to less revenue collections in the state.

The research is further significant to the government who employs workers in BIRS, the research will help those involved in the recruitment and coordination processes to look out and strive to get the best workforce for the jobs relating to tax/revenue collection.

Also, the study is significant to students who will further this research as this will expose the need for collective workings through collaborations and team works by staffs in agencies saddled with various responsibilities just like BIRS.

 1.7 Scope of the Study

This study is focused on Benue state, especially Makurdi, where the Benue Internal revenue service has its headquarters and much of its relevant staffs can be located. BIRS is a state-owned revenue collection agency, tasked with the responsibilities of collecting revenue for the government and giving reports when need arise.

1.8 Limitations of the Study

The limitation to this study will be time, access to relevant documents and also key staffs in Benue state internal revenue service, who are suppose to give audience and provide information’s.

1.9 Definitions of Terms

Revenue: Revenue can be defined as the income that a business has from its normal business activities, usually from the sale of goods and services to customers.

Internal Revenue: Refers to Monies collected by a government through imposition of levies and taxes on facilities, incomes, sale of goods and services, transfers of properties, and other domestic transactions.

Internal Control: Defined as a process for assuring of an organization’s objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.

Revenue Generation: is complete amount of money that is generated during a specific time period. The money is used to calculate business profits. Media houses make their money through Direct Payment and Indirect Payment.

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THE IMPACT OF INTERNAL CONTROL SYSTEM ON REVENUE GENERATION. A CASE STUDY OF BENUE INTERNAL REVENUE SERVICE, NIGERIA

2,500.003,000.00 (-17%)

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