Appraisal of Federal Inland Revenue Collection System

Description

– Appraisal of Federal Inland Revenue Collection System –

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Abstract

A tax is a compulsory levy imposed on the income or profit of an individual, partnership and corporate organisations for the financing of government expenditure without recourse to a corresponding benefit from tax payer.

Assessments are raised on total profit at the rate of either 30 percent or 20 percent if it is a small company whose turnover is below ₦1million naira. Various types of assessment s are raised on the company.

This could be self-assessment, government assessment, back year assessment, best of judgement (BOJ) assessment or jeopardy assessment. Collection is basic necessity to tax revenue after assessment has been raised.

This research work is aimed at appraising the tax collection system in Nigeria taking Federal Inland Revenue Service as a case study. It examined the workings both at the local and state levels but focused more on the Federal Inland Revenue Services.

It reviewed the old system, the reasons why a new idea muffed. The operations of the new method were also explained and clearly stated. The methodology adopted in this study is the survey research design. 

Introduction

1.1 Background of the Study

A tax is a compulsory levy imposed on the income/profits of an individual, partnership and corporate organizations for the financing of government expenditure without recourse to a corresponding benefit from tax payer.

Every tax imposed on Nigerian companies or organisations needs continual interpretation of its specific application and effect on the various transaction of the organisation.

The field of taxation changes every moment or every day as announced by the new ruling courts and also as are being made by new government. Tax is paid only on the profit of the company after all other deductions and allowances such as capital allowance, investment allowances.

The rate of tax levied and payable for each year of assessment in respect of the total profit of every company is thirty kobo for every naira as contained in section 29 of Companies Income Tax Act 2007 as amended.

A company which is yet to commence business after at least 6 months of incorporation shall for each year it obtains a tax clearance certificate pay a levy of (a) xiii ₦20,000 for the first year and (b) ₦25,000 for every subsequent year before a tax clearance certificate is issued. 

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