Self Assessment Tax System in Nigeria - 9303 Words

CHAPTER 1 [ INTRODUCTION 1.1 BACKGROUND OF THE STUDY The overriding objective of self assessment function is to ensure that all taxpayers, within a defined tax jurisdiction, are brought into the tax net and assessed correctly in order to block all possible leakages. Generally, taxpayers are categorized according to the legal status of their businesses. In this research work we are interested in Corporate Entities/Public Companies which are limited liability companies or public companies registered with profit - motive in mind. Their tax affairs are being handled by the Federal Taxing Authority .Assessment function in an Integrated tax System (ITO)or Large Tax Office (LTO)which is agreed to include filing and†¦show more content†¦This study was undertaken to empirically assess or evaluate the extent of implementation of the self-assessment scheme of tax revenue collection existing in Rivers State. 1.3 PURPOSE OF THE STUDY The complexities and challenges of the dynamic tax environment have left Government to allow the self assessment system of tax collection. Self assessment system of tax collection is no doubt one of the keys to the effective handling of the challenges of tax revenue collection. The study was therefore designed for the sole purpose of evaluating the implementation in the Nigerian society. Thus, the study in particular sought to:- 1) Determine the extent to which the self assessment system of tax collection is implemented in Nigeria. 2) Determine the extent of commitment of tax payers to paying of tax, since it is voluntary. 3) Identify the techniques involved in the self assessment system. 4) Evaluate the adequacy and effectiveness of the self assessment system in meeting the revenue budget of the Federal Government. 5) Identify problems that might have affected the effective implementation of the self assessment system in Nigeria. 1.4 RESEARCH QUESTIONS The following research questions were put forth to give direction to this study and to be addressed so as to make the achievement of the objective of the study a reality: 1) To what extent is the self assessment programme effectively implemented as a strategy of tax revenue enhancement inShow MoreRelatedA Critical Appraisal of the Components of Taxation in Nigeria and Proposals for Law Reforms3020 Words   |  13 PagesINTRODUCTION Tax has been variously defined over the years. 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