REFORMING DEFICIENCIES IN NIGERIA'S TAX ADMINISTRATION USING BEST GLOBAL PRACTICES
No Thumbnail Available
Date
2016
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
FACULTY OF LAW AHMADU BELLO UNIVERSITY, ZARIA
Abstract
Due to the failing economy of several countries of the world, including developed and developing economics, there has been urgent and pressing need for a sustainable source of revenue to fund the economy. Several countries of the world have identified and operated taxation as a dependable and lasting source of revenue for the nations' economy, Nigeria inclusive. Nigeria at present is experiencing vast decline in its revenue generation and the Gross Domestic Product (GDP as well as the living standard of the citizenry is exponentially declining mainly because
of the fall in international price of crude oil. Crude oil has been, for over five decades. the main source of sustaining and growingthe Nigerian economy. Nigeria has a nation can only exploit the economic benefits laden in taxation as a means of generating immense revenue for sustaining and growing the economy. This has been evident in countries
like Ireland, Denmark, Germany and France, where taxation contributes massively to the economics of the various countries, as reflected in their Gross Domestic Products (GDP). The viability of taxation in Nigeria, just like in any country, is however dependent on the effectiveness and adequacy of the tax administration system. A country’s taxation returns cannot go beyond its tax administrative proficiency. As such, in paying proper attention to taxation in the country, there is an unequivocal need
to ensure effectiveness and efficiency in the administration of tax. This has been the bases for immense revenue generation through tax in most advanced countries, and must also be optimized in the Nigerian tax system and this is what the study sets out to achieve.
Description
Keywords
REFORMING, DEFICIENCIES, TAX ADMINISTRATION, BEST, GLOBAL, PRACTICES.
Citation
Vol 36