Treasury Single Account is a public accounting system under which all government revenue, receipts and income and collected into one single account, usually maintained by the country’s Central Bank and all payments done through this account as well. The purpose is primarily to ensure accountability of government revenue, enhance transparency and avoid misapplication of public funds. The maintenance of a Treasury Single Account will help to ensure proper cash management by eliminating idle fund... read more

The tax system in Nigeria is made up of the tax policy, the tax laws and the tax administration. All of these are expected to work together in order to achieve the economic goal of the nation. According to the Presidential Committee on National tax policy (2008), the central objective of the Nigerian tax system is to contribute to the well being of all Nigerians directly through improved policy formulation and indirectly though appropriate utilization of tax revenue generated for the benefit of ... read more

The world generally had been in a state of permanent economic crisis for quite sometime, every government and organization (public and private) round the globe is faced with the issue of how to combat economic depression and stablize their economic affairs. In Nigeria presently, there has been the problem of unexecuted plans and abandoned project by the federal and state governments and industries not because there was no completion fund to compound these project to completion, but because of... read more

The mono-product status of the Nigerian economy has received series of criticisms in recent times. According to Okonjo-Iweala (2012), without the diversification of Nigerian revenue from oil, the economy will soon collapse. Recently, Nigeria’s dependence on crude export for revenue based on the projected price and assumed production is 80%. However, oil revenue has accounted for over 76% of government revenue. (Ebosele & Adekoya, 2012). The implication of this overly dependence on oil revenue ... read more

A buoyant and dynamic economy is the one built upon a sound financial system. Such finical system should be stimulated and maintained by the effective activities of an efficient capital market, which is the head of the “Stock Exchange”. The stock exchange therefore is the market where companies, raise capital on a short term and long term basis. This role of mobilization and allocation of funds to every sector of the economy which made it (Stock Exchange), the toast of investors has given... read more

The economic growth and development of any economy largely depend on the ability to raise capital through the capital market. The Nigerian stock exchange is a place where the enormous capital which is required to operate the huge industrial and commercial cooperation today can be raised. Osaze (1991) asserted that the emergence of the institution of the Nigerian stock exchange is a spontaneous reaction of the enterprise economies. The significance reaction of the stock exchange in an economy ... read more

The use of budget in government long preceded its application in business or the business sector. In the stable economic environment of the period before world war, few large companies in U.S.A and U.K used budgets. The result of the use of budget conflicted, some pioneer companies reported it was a significant tool to management but reported it has an ill or even a negative effect on efficiency and productivity. In order to avoid the conflicting result of the large segment still straddled the f... read more

Tax policy among other being the basic objective of the encouraging capital formation for economic development. Income that would otherwise be spent on non-essential is usually taxed out of their holder to mobilize enough savings to finance needed investment both in the manufacturing and social overhead capital. However, in thud capital formation, sole development of the economy lies in the conflict between the need for high rate to raise enough capital for the government owned investment ... read more

A tax could be defined as a compulsory payment levied on individuals by government or paying a specific percentage of their earnings or a specific amount of money in order to raise revenue for development purposes. A tax according to Agyei (1985:2) defines tax as “the transfer of resources from the private sector to the public sector in order accomplish some of the nation’s economic and social goals”. Well, the primary economic goal of developing countries is to increase the r... read more

According to Black Law Dictionary, tax is a rateable portion of the produce of the property and labor of the individual citizens, taken by the nation, in the exercise of its sovereign rights, for the support of government, for the administration of the laws, and as the means for continuing in operation the various legitimate functions of the state. The Institute of Chartered Accountants of Nigeria (2006) and the Chartered Institute of Taxation of Nigeria (2002) view tax as an enforced contrib... read more

The subject of taxation has received considerable intellectual and theoretical attention in the literature. Taxation is one of the most volatile subjects in governance both in the developing and developed nations. Tax refers to a “compulsory levy by a public authority for which nothing is received directly in return” (James and Nobes, 1992). According to Nightingale (2001), “a tax is compulsory contribution, imposed by government, and while taxpayers may receive nothing identifiable in ret... read more

Tax is a major source of government revenue in any planned economic system. However, the extent to which taxpayers comply with the stipulated tax laws, thereby avoiding the need for aggressive tax planning by the government by reducing the level of recorded tax avoidance and evasion attempts, is an important factor in determining this source of revenue flow to the government. As at present no economy has recorded a hundred per cent compliance to her tax system. Hamm (1995) noted that of 117 mill... read more

The word tax first appeared in the English language only in the 14th century, it is derived from the Latin word taxare, which means to “Assess” before that, English used the related word task derived from old French, for a while task and tax were both in common use, the first requiring labour, and the second money. In the Stone Age, tax was collected in Nigeria long before the coming of Europeans; it was collected by the local Chief for the purpose of administration and defense. Every ... read more

In any economy there is a financial system that is responsible for regulating the financial environment of the society determining the types and use of funds to be issued, source of funds to be put. The financial system is really made up of two major markets, namely money and capital stock market. The many market is the market for short term funds and securities including treasury bills, treasury certificate negligence of deposits, commercial paper and other funds of which are less than a ... read more

The use of computer in business transaction is growing day by day and it is widely use. It is common in most part of the country and the world itself is becoming a global village. Information technology most especially in the area of computer and communication network has incorporated in most all aspect of business activities today. It has been found to be effective, efficient, fast and reliable. Computers are fast and also easier to use that is why organizations have adopted the use of compu... read more

The study highlighted to evaluate the effect of value added tax (VAT) on consumer’s standard of living, a study of Uyo VAT office. Based on the research problem, it is noted that Vat affect consumer’s standard of living in response to consumption of goods and services. The population of the study consists of twenty five (25) workers of Vat Office Uyo. The sample size is 24 which means that every member of the service has equal chance of been selected. The objective of the study includes to a... read more

A tax could be defined as the transfer of resource from the private to the public sector in order to accomplish some of a nation’s economic and social goals. The primary economic goal of developing countries a is to increase the rate of economic growth and hence the per capital income which will lead to pre capital income which will lead to higher standard of living. If due recognize two major accomplishment as requirement for the attainment of this goals. Provision of additional basi... read more

Every organization has a purpose, which includes making some product and rendering some services at a price. For normal operations of the business organization, it is the product or services of the firm that cause cash receipts (revenue) to flow into the firm. Revenue is associated with products or service of a firm as source of expected cash receipts. Revenue is an event; an increase that applies definitely to value that is monetary. This increase occurs because the firm undertakes certain acti... read more

Some years back, the agricultural sector was playing an important role in the Nigeria economy both in generating revenue and in the physical impact. This was before oil started its own impact on the economy. The impact created by the oil sector begging to be more relevant within a short period of time. Other sectors of the economy become secondary in terms of their relevancies. The sectors were neglected in the favour of oil. Oil thus becomes the leading factor and the leading product in term... read more

The concept of Quid Pro Quo applies to every facet of life-taxation inclusive. An average tax payer expects something of value in return from the government for taxes paid (Adebisi and Gbegi, 2013). When this value is not returned to the taxpayers, tax morale may drop gradually, leading to tax evasion. In Nigeria today, tax is regarded as one of the major sources of government funds. Taxation is one of the most discuss issue in government in both developed and developing countries. James and Nob... read more