Effectiveness of Taxation as an Instrument For Control of Money in Circulation

Description

– Effectiveness of Taxation as an Instrument For Control of Money in Circulation –

Download Effectiveness of Taxation as an Instrument For Control of Money in Circulation. Students who are writing their projects can get this material to aid their research work.

Abstract

This research work is been designed to untold the effect of Taxation on the Economy of Nigeria. The aim and objective is to find out if taxation constitutes significant impart as an instrument for control of money in circulation such as the effect on the rapid rise in price on Revenue,

Expenditure and credit; the extent to which the tax system may be effective in preventing or combating an inflation; And how taxation can be used to breach the vicious circles of poverty, to find out if taxation can be used to industrialize a developing economy like Nigeria.

The research instrument used for data collection was questionnaire which contained 15 items. The data collected were analyzed through the use of percentage.

From the findings, it was discovered that taxation can help in regulating the level of money in circulation and can be used to combated inflation and also breach the wide gap between the rich and the poor.

Based on the finding, recommendations were made which the researcher hope would help to understand that taxation can be used as an instrument of control of money in circulation.

Introduction

1.1 Background of the Study

Government, all over the world needs tax to fund and control their economic activities and one of source of revenue is taxation. Taxation can be variously defined. Fundamentally however, it is a compulsory levy on income since the decision to pay tax is not that of the tax payers.

According to Amaechina (1998:9), “taxation has been defined as a levy which a government imposes on the income of the citizens or corporation in a state for which the government gives no direct benefit to the taxpayer” or “a non-punitive but yet a compulsory levy by government on the properties and income of individual and corporation”.

The government cannot build a school or a hospital personally for somebody because he has paid his taxes, but the money realized is used to finance general government expenditures.

The existence of taxation in Nigeria is linked with the era of the colonial master in the early 20th century. The introduction becomes necessary as a result of the enormous tasks facing the government.

In Nigeria, tax system has undergone significant changes in recent times. The tax laws are being reviewed with the aim of 2 repelling of obsolete provision and simplifying the main ones. Under current Nigeria law, taxation is enforced by the tiers of government that is local, state and federal government.

The tasks have to do with how government can control its economic activities and how government can achieve the desired level of price inflation and deflation and how to control supply of money.

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