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EFFECTS OF
MULTIPLE TAXATION ON BUSINESS SURVIVAL IN NIGERIA
CHAPTER TWO
2.1. REVIEW
OF RELATED LITERATURE
Taxation is
one of the major fiscal policies the government of any nation such as Nigeria
can use to achieve economic stability and in the financing of capital
expenditure. Various taxes are levied upon the income, wealth or gain of an
individual, family and business firm by the government for the purpose or
benefits of the general public.
Tax by a
simple definition is a financial charge or other levy imposted upon a tax payer
which could be an individual or a legal entity from the point of view of the
student researcher by a state such that failure to pay is punishable by law.
Thus, taxation cannot be regarded as a voluntary payment or donation but an
enforced contribution exacted pursuant to legislative authority. In modern
taxation system such as Nigeria, taxes are levied, in money which could be use
for myriads of functions or purpose such ay a expenditure on public order,
protection of lives and property, economic infrastructure cures such as roads, public works, social
engineering and the
operation of government itself (Carrol, et al 2000).
The taxes collected by the government no doubt
emanate from varying sources ranging from personal income tax, company income
tax, capital gain tax, property tax, education, tax, task but to list a few.
The Nigerian government in attempt to raise
revenue and enhance the economic development of Nigeria has subjected many
firms to multiple taxations which they are mandated or made compulsory to pay
irrespective of the sector the business firms operate or else take the wrath of
the law A survey carried out by the Manufacturers Association of Nigerian
(MAN1) and (Centre for International Private Enterprise ICIPE) identified
multiple taxation as the bane of private sector business growth in Nigeria
(Anyamvu, 2012). The survey
established the relationship between multiple taxations in the pilot state
across the three tiers of government and re-affirmed its negative effects to
private sector growth and businesses in Nigeria.
According to the survey, it was established
that multiple taxation could lead to divestment as well as jeopardize foreign
direct investment coming into Nigeria, while adversely affecting the Competitions
of
existing businesses and their survival,
Moreover it was also established that currently most businesses in Nigeria
consider the tax environment as unfriendly and disincentive to business,
stressing that it engenders loss of man hour to both the government and private
businesses.
According to Osagie (2012) tax environment
inNigeria especially the policy on multiple taxation increases the cost of
doing business in the country. As a matter of fact, some business including
manufacturing companies have shut down production while in some cases, have
relocated their factories to other West African countries which are considered
to be more investment friendly. Against this back drop, this project examines
the effects of multiple taxation on business survival in Nigeria.
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