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The value added tax was introduced in Nigeria following the repeated calls by the international monetary fund (IMF) and World Bank and need for diversity the nation’s sources of revenue from sole dependency on petroleum profits to other sources. Value added tax, been a federal government tax and tax charged on consumption of goods and services are imposed to raise money for the government. The universal principal of taxation is that it should be accommodated by the payers and processed should endeavour to pay tax money in the federal government pocket. The tax of VAT was variously postponed. However, it eventually later took of the delay and was attribute to enable government prepare enough grounds for the take off in the area of publicity and ether precautionary measures to take care of the slight like in the price that affected goods and services in the view on the inflation the was already in the country. Ironically, despite these measured in the implementation VAT was still greatly recommended by the general Nigerian public.This was predicted on the above fears and the effect VAT would have on corporate profitability and individual. The first chapter will introduce the topic“VAT” chapter two will deal on the literature view of the work while chapter three will be on summary, conclusion and recommendation on how to improve VAT collections.
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Value added tax (VAT) in Nigeria. Merging problems and prospect presented.