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PROJECT TOPIC- EFFECTIVENESS OF TAXATION AS AN INSTRUMENT FOR CONTROL OF MONEY IN CIRCULATION

EFFECTIVENESS OF TAXATION AS AN INSTRUMENT FOR CONTROL OF MONEY IN CIRCULATION

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

CHAPTER ONE

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 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.

EFFECTIVENESS OF TAXATION AS AN INSTRUMENT FOR CONTROL OF MONEY IN CIRCULATION

 

1.2 STATEMENT OF THE PROBLEM

The project titled effectiveness of taxation as an instrument for control of money in circulation is aimed at determining the nature of taxation and how it can be used to control the supply of money and regulate the economic activities in our country. It is obvious that Nigeria being one of the developing nations of the world is seriously faced with series of problems which includes;
i. The extent in which the tax system has been inactive or ineffective in preventing or combating inflation.
ii. The probable effects of a rapid rise in prices on revenues and expenditure.
iii. The vicious circles of poverty (i.e. the gap between the rich and poor in too wide).

1.3 OBJECTIVE OF THE STUDY

To critically examine the reasons for taxation as an instrument of money control and its effects on government and its citizens, and its general effects on the Nigeria economy with regards to political, social and economic development of our country. In this case government has to meet the desired standard of living and cost of living of the citizens and adopt a suitable level of economy to boast investors and improve natural output. For the purpose of this study, the following objectives are expected to be attained:
i. To determine how tax system can be effective in preventing and combating inflation.
ii. To ascertain the extent on which revenue and expenditure are probable effects of a rapid rise in prices.
iii. To determine and to use tax system to breach the vicious circles of poverty on our country.

1.4 RESEARCH QUESTIONS

In order to achieve the objective highlighted above, the following research questions were formulated as follows:
i. In what ways can tax be used to effectively prevent or/and combat inflation?
ii. The effectiveness of rapid rises in prices on revenues and expenditure
iii. The effect of vicious circles of poverty in Nigeria economy.

1.5 RESEARCH HYPOTHESES

HI: The extent to which tax system is inactive and ineffective in preventing and combating inflation.
HO: The extent to which tax system is not inactive and ineffective in preventing and combating inflation.
HI: There is significant effect of a rapid rises in prices on revenues and expenditure.
HO: There is no significant effect of a rapid rises in prices on revenue and expenditure.
HI: There is significant effect on tax system and supply of money with the vicious circles of poverty.
HO: There is no significant effect on tax system and the supply of money with the vicious circles of poverty.

EFFECTIVENESS OF TAXATION AS AN INSTRUMENT FOR CONTROL OF MONEY IN CIRCULATION

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