AN EVALUATION OF THE SIGNIFICANCE OF THE VALUE ADDED TAX ACT IN REVENUE GENERATION IN NIGERIA

TABLE OF CONTENTS

Title Page

Table of Statutes

Table of Cases

List of Abbreviations

Table of Contents

Abstract

Chapter One

1.0       GENERAL INTRODUCTION

1.1 Background to the Study

1.2 Statement of the Problem

1.3 Aim and Objectives of the Research

1.4       Scope of the Research

1.5       Research Methodology

1.6       Literature Review

1.7       Justification

1.8       Organizational Layout

Chapter Two

2.0 CONCEPTUAL CLARIFICATION

2.1 Introduction

2.2 Supplies

2.3 Consideration

2.4 Taxable Persons

2.5 Taxable Supply

2.5.1 Supplies Made in Nigeria

2.5.2 Supplies Made by Taxable Person

2.5.3 Supplies in Furtherance of Business

2.5.4 Exemption and Zero Rating

2.6 Meaning, Nature and Scope of VAT

2.4 Value Added Tax and Tax Policy

CHAPTER THREE

3.0 LEGAL AND INSTITUTIONAL FRAMEWORK

3.1 Introduction

3.2 Statutes on Value Added Tax

3.2.1 The Constitution

3.2.2 Acts and Decrees

3.2.3 Laws by State Government

3.2.4 Bye-Laws of Local Government

3.3 Value Added Tax Administration

3.4 The Structure of Value Added Tax Administration

3.4.1 Federal Inland Revenue Service

3.4.1.1 Establishment of FIRS

3.4.1.2 Composition of the FIRS Board

3.4.1.3 Functions of the Board

3.4.2 Value Added Tax Technical Committee

3.4.3 Tax Appeal Tribunal

3.4.4 Joint Tax Board

3.4.4.1 Powers of JTB

3.4.4.2 Functions of JTB

3.4.5 State Tax Authority

3.4.6 Local Government Revenue Committee

CHAPTER FOUR

4.0 ASSESSMENT OF VALUE ADDED TAX

4.1 Introduction

4.2 Tax Assessment and Collection Procedure

4.3 Returns and Remittances of VAT

4.4 Power of Inspection of Value Added Tax

4.5 Duties of Tax Officers

4.6 Assessment of Value Added Tax

a)         Taxable Goods and Services

b)         Vatable Person

c)         VAT Registration

d)         VAT Returns

e)         VAT Records and Accounts

4.7 Offences and Penalties of VAT

CHAPTER FIVE

5.0       SUMMARY AND CONCLUSION

5.1       Summary

5.2       Findings

5.3       Recommendations

5.4       Conclusion
References

ABSTRACT

This research work aims at evaluating the role and significance of the Value Added Tax (VAT) Act in Revenue Generation in Nigeria. This examines the role played by the Value

Added Tax as one of the source of government‟s revenue. It also assesses the fact whether it has achieved the essence of its introduction. In this research doctrinal method of research was adopted in discussing the subject matter. This work delved into the legal framework of value added tax in Nigeria. The institutional structures for the administration of Value Added Tax were analysed with the aim to assessing their efficacy in revenue generation. It also took a cursory look at the assessment procedure of Value Added Tax. It was discovered in the course of the research that the law in Nigeria on VAT is faced with the problem of absolute tax practices, whereby taxes overlap, so that a single transaction may be subjected to a series of taxes e.g VAT on imported goods and Excise and Custom duty. The work found out that the punitive measures under the taxing law is not for deterrence but aimed at extinguishing small scale enterprises. The work recommended that the National Assembly should review the punishments in the Value Added Tax Act to accommodate it basic reasons which are reformation and deterrence. The punitive measures should aim at reforming the vatable persons to ensure voluntary tax compliance than pushing them out of the business. This work shall be of immense benefit to students of law, legal practitioners, legislators, academia and judges.

CHAPTER ONE

1.0  GENERAL INTRODUCTION

1.1  Background to the Study

Taxes are levied by government to raise revenue that will help in the administration of government-such as paying salaries and allowances to civil servants. Revenue raised by taxation enable the government to provide infrastructural facilities like schools, hospitals, housing, roads, defence, law and order and other socio-economic and cultural facilities¹.

According to Feyikemi Balogun, Ajumogobia and Okeke², the issue of taxation is fast gaining relevance in the Nigeria society in recent times as it has become a viable alternative source of government revenue, a tool of social engineering and societal class structural adjustment by the various tiers of government.

Nigeria introduced the Valued Added Tax Act in 1993³ to impose and charge value added tax on certain goods and services and to provide for the administration of the tax and matters related thereto. Value Added Tax (VAT) was introduced by the Federal Government of Nigeria in 1993 to replace Sales Tax. The aim was to increase the revenue base of government and make funds available for developmental purposes that will accelerate economic growth⁴. Propelled by the objectives of imposing tax government at various levels device different methods of generating revenue in other to attain and sustain its set objectives. The state governments in particular are looking inwards towards taxation to augment the revenue received from the federation account to meet their ever increasing capital and recurrent expenditure. If only the government will judiciously.....

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