A LEGAL EXAMINATION OF THE ROLE OF TAXATION IN REVENUE GENERATION AND ECONOMIC DEVELOPMENT IN NIGERIA
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A LEGAL EXAMINATION OF THE ROLE OF TAXATION IN REVENUE GENERATION AND ECONOMIC DEVELOPMENT IN NIGERIA
Abstract
Most of the tax evasion is due to inadequate mechanisms and lack of qualified personnel in tax administrations, as well as the legal framework on which their relationship is based. This causes many tax collection problems in Nigeria. It is in this regard that the subject of this thesis entitled “Legal Review of the Role of Taxation in Income Generation and Economic Development in Nigeria” was chosen. This study should present, explore and analyze the nature and extent of tax law provisions relating to the role of taxation in income generation and economic development in Nigeria. It will also present how they are maintained, practiced, respected and suggest ways to improve the current situation. The study is composed of five chapters. Thus, the first chapter dealt with the general introduction, the context, the statement of problems, goals and objectives, the scope of the study, the importance of the study, the research methodology, review of the literature and organizational structure. The second chapter was devoted to examining the power of taxation in the Federal Republic of Nigeria under the 1999 Constitution of the Federal Republic of Nigeria (as amended) and the brief history of income taxation in Nigeria. Chapter Three is the cornerstone of all the work on the role of taxation in Nigeria’s economic development and its legal perspectives. Chapter Four examined the importance of taxation in Nigeria; The Nigerian Economic Situation and Taxation as an Incitement to Economic Growth Chapter Five, which is the final chapter on Summery, Findings and Recommendations, explains that I hope I can help solve the problems.
1.1 Background of the Study
Tax is one of the sources of revenue for the government. In order to achieve its goals, goals and objectives, an organization must have sufficient funds. This importance has an accelerated dimension in the face of the current economic recession in Nigeria.2
As a result, the tax system is one of the most powerful means available to the government to stimulate and guide its economic and social development. In the life of any nation, taxation is an indispensable tool used by the government to promote its general economic and social goals. The crucial role played by taxation in the development of the Nigerian economy can not be overemphasized.3 Although income generation seems to be the primary goal of the government when it collects taxes, it is not. not the only objective: the economic need of the government.
For example, when investment, production, consumption, etc. start to increase or decrease dangerously, a change in the tax structure may stop or reverse the undesirable trend. It is in recognition of this crucial role of taxation in the economy of a country that the United States Supreme Court has declared this in Nichols v. Ames
“Taxation is a great power on which the national fabric is based. It is necessary for the existence and prosperity of a nation. It’s in the air that she breathes. For natural men, it’s not just the power to destroy … ”
Taxation is the main driver for the formulation and implementation of an optimal fiscal policy. To this end, state governments in Nigeria play and assume important roles and responsibilities, for example, outside local governments. State governments are the second tier of government closest to the citizens. These governments, together with other responsibilities, provide citizens with social services and to do this, they must generate sufficient funds.
