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THE IMPACT OF TAX INCENTIVES ON ECONOMIC AND INDUSTRIAL DEVELOPMENT
ABSTRACT
The impact of tax incentives on economic and Industrial Development
intends to examine the extent individuals and companies have been responding to
the incentives scheme. How these incentives have been stimulating and
motivating these bodes on employment opportunities. The researcher intends to
examine also how these incentives have been helping existing industries and
companies in expanding their areas of operations to know if the expected result
of these incentives have been achieved by the firm who benefit from their
relieve. Some of the factors which
have been motivate the researcher in the study include: Weakness of the firm to
respond to the desired objectives, lack of awareness and the aims for granting
the relief in adequacy of incentives to sustain the desired development. In
this work, the researcher will look into textbooks, journals, articles and
administered questionnaire to practicing personalities which include tables
will be used in analyzing the data collected.
TABLE OF CONTENTS
CHAPTER ONE:
1.0 INTRODUCTION:
1.1 Background of the Study
1.2 Statement of Problem:
1.3 Objective of the Study
1.4 Research Question:
1.5 Research Hypothesis:
1.6 Significance of the Study
1.7 Scope and Limitations of the Study:
1.8 Definition of Terms:
CHAPTER TWO:
2.0 REVIEW OF RELATED LITEERTURE
2.1 Theoretical Review of Related Literature
2.2 Empirical Review of Related Literature:
CHAPTER THREE:
3.0 RESEARCH DESIGN AND
METHODOLOGY:
3.1 Research Design
3.2 Area of Study:.
3.3 Population of the Study
3.4 Sampling Method:
3.5 Research Methodolog
3.6 Validity and Reliability of Research
Instrument
3.7 Source of Data
3.8 Methods of Data Analysis:
CHAPTER FOUR:
4.0 DATA PRESENTATION AND ANAYSIS:
4.1 Research Question Analysis
CHAPTER FIVE:
5.0 SUMMARY OF FINDINGS/CONCLUSION AND
RECOMMENDATIONS:
5.1 Summary of Findings:
5.2 Conclusion:
5.3 Recommendations:
Bibliography:
Appendix
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The mode by which economic and industries can be
effectively and efficiently develop have a problem, as a result,
government charges lets tax in order to encourage investments and activities in
those areas which helps to improve the production capacities, active economic
growth as well as allocation of resources in social desirable manner.
Tax incentives is the use of government spending and
tax policies to influence the level of national income. Taxation itself is the
process or means by which communities or group are made to contribute part of
their income for the purpose of administering the society.
This measure will encourage
new enterprises to spring up, thereby reducing profit tax which encourage
production to curb unemployment. Government should provide employment
opportunities to improve our economy.
The government
infrastructural facilities such as good roads, water supply, electricity,
hospital etc, more allocation of resources to the public sector, the Federal
Government have a better chance of changing or expanding investment spending
which is essential to enlarge our production possibilities and attaining
increase in standard of living.
In other hand, these
incentives can be targeted on how income earners can enjoy relief’s. This will
normally increase their saving which is necessary for higher investment.
Tax incentives also create
employment opportunities to people who help to right depression, inflation
thereby increasing distribution of in come and wealth.
1.2 STATEMENT OF PROBLEM
The impact of tax incentives on economic and
industrial development. Why most experts, consultants, individual and
economic analyst ignore or criticized tax incentives is because of
the following;
1. The impact of incentives
are not effective in the economy.
2. Many management of firms,
companies lack awareness of the incentive.
3. The incentive granted are
not adequate to the development and growth of the industry.
4. Unwillingness of some companies and
individuals to claim the incentive.
1.3 OBJECTIVE OF THE STUDY
The primary objectives of
this study is to assess the impact of tax incentives on economic and industrial
development. The secondary objectives are as follows:
1.
To ascertain if the companies have been responding to incentive scheme.
2.
To discover how these incentive have been stimulating and motivating these
bodies to establish industries which will create more employment opportunities.
3.
To examine how these tax incentives attract foreign investors in Nigeria.
1.4 RESEARCH QUESTION
The following research questions
will guide this study.
1. In what ways can the companies respond to
incentive scheme?
2. To what extent can these incentives stimulate
and motivate these bodies to establish industries which will create more
employment opportunities?
3. To what extent can these tax incentives
attract foreign investors in Nigeria?
1.5 RESEARCH HYPOTHESIS
Research hypothesis of this study are:
1. H0. There is no
companies that respond to incentive scheme.
H1. There is company that
respond to incentive scheme.
2. H0.
There is no incentive that stimulates and motivates these bodies to establish
industries which will create more employment opportunities.
H1. There is incentive that
stimulates and motivates these bodies to establish industries which will create
more employment opportunities.
3. H0. There is no tax
incentive that attracts foreign investors in Nigeria.
H1. There is a tax incentive
that attracts foreign investors in Nigeria.
1.6 SIGNIFICANCE OF THE STUDY
The significance of this study are in two ways, they
are:
PRACTICAL SIGNIFICANCE
Tax incentives scheme is an economic policy which
exist
among many other competiting alternatives. These scheme may be an
inducement towards rightful investment securing proposal or private investors
lay behind, it then follows that if the scheme is a pale shadow for pilling
stock of profitable benefits which are expected from these incentives, it
should be able to justify the cost:
1. As a result of creating industries and
subsequent expansion of existing ones the standard of living of the populace
will increase.
2. Tax incentives will help small scale
industries which will
subsequently expand the
standard of living of the populace.
3. Tax incentives scheme leading to
diversification will also result to increasing urban and rural development.
ACADEMIC SIGNIFICANCE
The academic significance are as follows:
1. This work will be necessary to students and
the general public because it will stimulate them and enlighten them on the
need of studying tax incentive scheme.
2. It will equally serve as a stepping stone for
further research.
1.8 DEFINITION OF TERMS
1. TAX INCENTIVES: Tax incentives
are relief granted to tax payer or industries in the form of the set off from
income or gain before tax liability is determined.
2. DISPOSABLE INCOME: This is that
personal in come available to consumer spending, saving and investment
consisting of all income minus taxes and other payments to the government.
3. JURISDICTION:
It is the authority of courts or tax officer to hear and determine
assessment of tax payer or cases.
4. TAX EVASION:
Tax evasion means a tax payer is doing something against the law and if
discovered will be death with the law.
5. TAX CODE: This
means the total relief’s and allowances granted to an individual tax payer
divided by two.
6. TAX AVOIDANCE: This is a
situation whereby the payer can without offending the law arrange his affairs
in such a way that he pays little or no tax.
7. INCOME TAX: This means a tax on
income. It may be personal income or income tax.
8. CAPITAL ALLOWANCE: Capital
allowance is granted to a qualifying capital expenditure incurred wholly and
exclusively for the purpose of the trade or business.
9. TAX OFF-SET: Section
(17) of the act provide, that custom duties on essential plants, royalties on
domestic sales of crude oil investment tax credit should be deducted in full
before arriving at the chargeable tax to be paid by such company.
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