the problems of personal income tax management

 

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ABSTRACT

This topic is all about the problems of personnel income tax management. The concept of paying tax in Nigeria is sometimes constitute a problem to the individual tax payer because it is a compulsory payment leviued by the government on individual. This project tend to examined those problem of personnel income tax management studies researchers will finds is this project a vital information that could be pass out as a solution to the impending problem.

 

 

 

 

 

 

 

TABLE OF CONTENTS

Title page

Approval page

Dedication

Acknowledgement

Abstract

Table of content

CHAPTER ONE

• General introduction
• Background of the study
• Statement of problem
• Objective of the study
• Significant of the study
• Scope and limitation of the study
• Definition of the terms

 

CHAPTER TWO

• Review of related literature
• The concept of taxation
• The meaning and rational of personal income tax
• Effects of personal income tax on individual tax payers
• Relief’s rates. All owances and assessment and administration
• Problems of personal income tax management

 

CHAPTER THREE

Research design and methodology

• Sources of data
• Secondary sources
• Location of data
• Methods of data collection

 

CHAPTER FOUR

• Summary of findings

 

CHAPTER FIVE

• Recommendations
• Man power problem
• Establishment of revenue corps
• Educating the tax payer.

 

 

CHAPTER ONE

1.1     GENERAL INTRODUCTION

Income tax was first introduced in Nigeria by late lord laggard in the year 1904. However, the Nigerian income tax is the modern form of tax staring from 1940, although there was a simplified type of tax dating back to 1927.

The direct taxation ordinance of 1940 was to levy tax on income of Africans. The administrative officers were unscientific and without any form of uniformity as well as discriminatory in their tax assessment.

The recommendation by bailsmen fiscal commission of 1958 taxing income of individuals was embodied in section 70 of the 1960 Nigerian constitution and income tax management act (ITMA).

The provision of the act which deals with the fundamental income tax principles applicable to the whole country relates to.

1. The basis for computing income of individuals
2. The determination of residence

iii.      The treatment of providence funds

1. The capital allowances for the assets used in producing income
2. The treatment of losses incurred in a trade business profession or vocation
3. The allowable and disallowable expenses for income tax purpose.

Vii.    The incomes which are exempted from tax.

 

1.2     BACKGROUND OF THE STUDY

In every country there are some certain service which the government must provide citizens to the country because of its good nature. The services are indispensable in life that individual or corporate bodies are not allowed to provide them or even if, they do, they may not allowed to monopolized the supplies or the p5roduction. Government does this to ensure that the supply of such goods and services involves a large amount of money and expenses. How does government of a country get such amount of money to finance the supply of such important goods and services to the citizen?

For the economic balance to be maintained in an economy. Government must find a way of financing her activities. One of his sources of income of this type is through tax. This can be in form of personal income tax.

 

1.3     STATEMENT OF THE PROBLEM

Taxation in every sense is a tool of economic reformation, governments the world over have always found ways of imposing various taxes on their subjects with view to raison revenue for its expenditure and of which personal income tax is one of such major source.

Taxation, therefore, constitutes a veritable instrument of shaping and directing economic activities.

However, these objectives are not always being achieved due to some certain set backs traced to the management of personal income tax some of the set banks are as follows

1. Low level of literary resulting to inability of keeping records of transactions.

ii.       Problem of identification of the tax