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GENERAL

CASE STUDY OF FEDERAL INLAND REVENUE LAGOS STATE

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ABSTRACT

The research provides a conceptual and analytical study in comparative analysis of value added tax Revenue among different sector in Nigeria; focusing on the care study of federal Inland Revenue Lagos state. The study assesses the performance of the different sectors in the Nigeria in contributing to VAT revenue with a view to showcase their effect in economic growth.

CHAPTER ONE
INTRODUCTION
1.1   BACKGROUND OF THE STUDY

According to Oseregho and Associates as quoted by Aderdi, SannidAdesina(2011),VAT is a consumption tax levied at each stage of the consumption chain and borne by the final consumer of the product or service. Each person is required to change and collect VAT at a flat rate of 5% on all invoiced amounts on all goods and services not exempted from paying VAT, under the value added Tax Act 1993 as amended. Where the VAT collected on behalf of the government (output VAT) in a particular month is more than the VAT paid to other persons (input VAT) in the same month, the difference is required to be remitted to government on a monthly basis by the taxable person. Where the reverse is the case, the tax payer is entitled to a refined of the excess VAT, i.e., no VAT is payable on exports. Also VAT is payable in the currency of the transaction under individual goods or services are exchanged. The precedence for the introduction of VAT in Nigeria was based on the fact that taxation as an instrument of fiscal policy is vital in generating revenue to finance the activities of the government, redistribute income, stabilize the as well as stimulate growth and development. The research intends to investigate the performance of different sectors in the Nigerian in contributing to VAT revenue using Lagos state Inland Revenue as a case study.

1.2      STATEMENT OF THE

VAT was introduced to contribute to the economic growth of the nation by providing revenue to government to accelerate developments. However this goal is still far from being achieved sector contributions to VAT revenue is pivotal to providing the needed revenue to government to impact on economic growth. Hence the problem confronting this research is to provide a comparative analysis of VALUE Added among different sectors in Nigeria with a case study of Inland Revenue Service of Lagos state.

1.3       QUESTIONS

1.  What is the nature of and its significance?

2.  What is the nature of Value Added Tax?

3.  What is the sectorial contributions of Value added Tax revenue

4.   What constitute the sectorial Analysis of VAT in Lagos state?

1.4      OBJECTIVE OF THE STUDY

1.  To determine the nature and significance of

2.  To appraise the nature of Value added Tax and the significance

3.  To determine the sectorial  contributions of value added Tax revenue in Lagos state

1.5      SIGNIFICA OF THE STUDY

1.  The study shall provide sectorial analysis of contributions of value added tax with a view to providing measures and policies to maximize value added tax and revenue in Nigeria

2.  The study shall serve as reference point of informative for economist, Accountants, managers and government on issues regards Value Added Revenue in Nigeria

1.6      STATEMEN OF HYPOTESIS

1.  H0, VAT is significant to economic growth in Nigeria      

H1, VAT is significant to economic growth in Nigeria

2.  H0, The impact of VAT in government revenue is low

H1, The impact of VAT on government revenue is high

3.  H0,Sectorial contributions to VAT in Lagos is low

H1,Sectorial contributions to VAT in Lagos is high

1.7      THE SCOPE OF THE STUDY

The study focuses on the comparative analysis of Value added Tax revenue among different sectors in Nigeria with a case study of Inland Revenue of Lagos state

1.8      DEFINITION OF TERMS

Definition of VAT

VAT is a consumption Tax levied at each stage of the consumption chain and borne by the final consumer of product or service. Oserogho& Associates (2011)  

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