Tax Policy in Nigeria

INTRODUCTION A appraise policies represent key resource distributer between the public and private sectors in a arena. It is normally imposed on individuals and entity that make up a coun search. The currency provided by taxation are used by the states to supporting certain state obligations such as education establishments, health care establishments, pensions for the elderly, unemployment benefits, and public transportation. A nations tax system is often a reflection of its communal value or the values of those in power. To create a system of taxation, a nation must make choices regarding the distribution of the tax burden-who lead pay taxes and how much they will pay-and how the taxes collected will be spent. In Nigeria, the taxation system dates back to 1904 when the ain income tax was introduced in northern Nigeria before the unification of the country by the colonial masters. It was later implemented through the natural Revenue Ordinances to the western and eastern regions in 1917 and 1928, respectively. Among other amendments in the 1930s, it was later incorporated into Direct Taxation Ordinance nary(prenominal) 4 of 1940. Since then different governments have continued to try to improve on Nigerias taxation system.

The general stamp among scholars is that Nigerias fiscal regime is characterized by unnecessary complex, distortionary and for the most part inequitable taxation laws that have limited application in the formal sector that dominates the economy. Given the foregoing, it is important that Nigeria adopt a taxation policy that would enhance national development. I am aware of the draft national tax policy that has been submitted for portraiture by the National Assembly of Nigeria. My intention is to examine the conscription National Tax Policy with a view to correcting comprehend flaws inherent in the document. To enhance the understanding of this paper, I demoralize with making a review Nigerias tax system and the current Draft National Tax Policy. I will attempt to identify the challenges inherent... If you want to get a broad(a) essay, order it on our website: Orderessay

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