THE IMPACT OF TAX INCENTIVES ON ECONOMIC AND INDUSTRIAL DEVELOPMENT (A CASE STUDY OF BOARD OF INTERNAL REVENUE ENUGU STATE
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THE IMPACT OF TAX
INCENTIVES ON ECONOMIC AND INDUSTRIAL DEVELOPMENT (A CASE STUDY OF BOARD OF
INTERNAL REVENUE ENUGU STATE
ABSTRACT
This
impact of Task incentives of Economic and industrial development of Enugu state
Intends to examine the extent individuals ad companies have been responding to
the incentives scheme. How these incentive have been stimulating and
motivating these bodies on employment opportunities. The researcher
intends to examine also how these incentives have been helping existing
industrials and companies in expanding their areas of operations in Enugu ad to
know if the expected result of these incentives are achieved by the firms who
benefit from these relives.
Some of the factors which have motivated the researcher in this study include:
weakness of the firm to respond to the desired objective, lack of awareness and
the aims for granting the relief in adequacy of incentives to sustain the
desired development.
In this work, the researcher looked into textbooks journals, articles and
administered questionnaires to practicing personalities which include tables
were used in analyzing the data collected, it was revolved that more than 50%
of the firms and individuals studied are aware of the incentive. A
good number of them did not go into production, because of the incentives and
more than 50% suggested that more incentives should granted.
TABLE OF CONTENTS
Title
page
Abstract
List of tables
Chapter one
1.0
Introduction
1.1 Statement
of problem
1.2
purpose of the study
1.3
Research questions
1.4
Significant of the study
1.5
Scope and limitation of the study
1.6
Definition of terms
Chapter two review of literature
2.0
Introduction
2.1 Criticism of the
Tax and incentives scheme
2.2
Argument for tax incentives
2.3
Petroleum profit tax act 1959
Chapter three research methodology
3.0
introduction
3.1 Primary source of
data
3.2
Secondary data
3.3
Population studies
3.4
Sample use and size
3.5
Methods of data analysis
Chapter four
4.0
data presentation and analysis
4.1 research
questions analysis
Chapter five
Discussion of finding, conclusion and
recommendation
5.0
summary of finds
5.1 conclusion
5.2
recommendation
Bibliography
Appendix I
Appendix II
PROPOSAL
This
research intends to highlight tax incentives on Economics and industrial
development of Enugu State. It also seeks to examine the extent to which
individuals and companies have been responding to the incentive scheme.
The research will also show how these incentives have been helping existing
industries and companies in expanding their areas of operations in Enugu state,
and to know if the expected results of these incentives are achieved by firms
who benefit from these relieves.
In pursuance of this research study, the research will gather data through text
books journals articles and questionnaires will be administered to practicing
personalities. Data gathered will than be analyze using tables.
In the course of this research study, the researcher will face some constraints
which include time constraint, financial constraint and inadequate materials.
Some recommendations will be made which if implemented by tax exparct,
consultant, individuals and economic analyst will enhance a better tax
incentives.
CHAPTER ONE
INTRODUCTION
The
mode by which economic and industries can be effectively and efficiently
developed have a problem. As a result, government charges less tax in
order to encourage investments and activities in those areas which helps to improve
the production capabilities, active economic growth as well as allocation of
resources in social desirable manner.
Tax incentive is the use of government spending and tax policies to influence
the level of national income. Taxation itself is the process or mean by
which communities or group are made to contribute part of their income for
purpose of administration of the society.
This measure will encourages new enterprises to spring up. Thereby
reducing profit task which encourages production to curb unemployment.
Government should provide employment opportunities, to improve our
economy.
The government infrastructure facilities such as roads, water supply,
electricity hospital etc more reallocate resources to the public sector
charging mix input. By borrowing rather than taxing, the federal
government has a better chance of expanding investment spending which is
essential to enlarge our production possibilities and attaining increase in
standard of living.
In order hand, these incentive can be targeted on low income earners. This will
normally increase their saving which is necessary for higher investment.
Tax incentive also create employment
opportunities people which help to fight depression, inflation thereby increasing
distribution of income and wealth.
1.1
STATEMENT OF THE PROBLEM
This
impact of tax incentive on economic and industrial development using Enugu
state as a case study although there are many advantages got were tax
incentives are use for economy and industrial development most task experts,
consultants individuals and economic analyst ignored or criticized tax
incentives because of the following.
1.
the impact of incentives are not effective in the economy
2.
The exemption privilege not granted to all firms in an industry which place
some companies at a competitive disadvantage
3.
Many management of firms, companies lack awareness of the incentive
4.
The incentive granted are not adequate to the development and growth of industry
5.
Unwillingness of some companies and individuals to claim the incentive.
This is because they do not understand the role.
PURPOSE OF THE STUDY
Tax incentive is a strong fiscal
measure or policy which can stimulate investment and savings leading to capital
information. This capital acquisition can be used productively in
economic and industrial development of companies and individual can use them
effectively. In deciding if these incentives can stimulate the companies
and individuals to invest in the economy. One basic fact is this whether
the company individual concern decided to go into business because of tax
incentives offered. In this study the researcher intends or
companies, have been responding intend or companies, have been responding to
incentive scheme how these incentive have been stimulating and motivating these
bodies to establish industries, which will create employment opportunities.
Moreover, he researcher intends to examine how these scheme has been
helping existing industries and companies in expanding their areas of operation
in Enugu
RESEARCH QUESTIONS
1.
Can these tax incentives attract foreign incvestors in Nigeria via – Enugu state?
2.
Are the existing tax incentive adequate for development?
3.
Are those incentives claimable by the companies?
4.
Do these incentive stimulate individuals to establish new enterprises?
5.
Do these tax incentives induce the existing industries in Enugu to pursue
vigorous policy expansion.
1.3
SIGNIFICANCE OF THE STUDY
Tax
incentive scheme is an economic policy which exist among many other
competing alternatives. The scheme may be an inducement towards rightful
investment, securing proposal on private investors lay behind, it then follows
that if the schemes is a pale shadow for pilling stock of profitable that the
benefits expected from these incentives should be able to justify the cost.
a.
As a result of creating many industries and subsequent expansion of existing
ones, it standard of living of the populace will increased.
b.
Tax incentives will helps in small scale industries which will subsequent
expansion of existing one’s the standard of living of the populance will be
increased.
c.
Tax incentive scheme leading to diversification will be also result in
increasing Urban and rural development. It is the intention of the
researcher to look into ways and extent the existing tax incentives are being
used by entrepreneurs in setting up industries establishment in Enugu State.
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