CHAPTER ONE
1.1 INTRODUCTION
The economy of any county regardless of its structure is normally regulated by certain policies developed by the government of such a country. Among these policies there are economic policies, social policies etc.
However, the economic policies are more fundamental in that it serves as a foundation for the success of other policies of the government. The constituent elements of these economic policies need to be manipulated, and most of them simultaneously for the desired result. One of the essential arms of economic policies, the fiscal policy, is related to government tax and expenditure. In another way around form, Baumel, W.J. and Blinder A.S., (1979) in the book “Economic principles and policy” defines fiscal policy as governments plan for spending and taxation. It serves as a means of planning, controlling and co-ordinating the tempo of activities in the economy.
Taxation is one of the courses of action of fiscal policy. According to Olanifan I.F. (1994) it is the compulsory transfer of resources from the private sector to the public of the economy of the nation. The direction of taxes is seen in its potential effects on the determinants of growth. This is done by way of;
i. Altering the determinants of economic development e.g. capital formation, technological change, factor supplies etc.
ii. Permitting the financing of government activities or government financed privated investment without the undesirable effects of other methods of financing. It could also be seen in its potential effects upon the rate of growth such as the level of governmental expenditure: on the branch of stability; on resources allocation; also on distribution of income and wealth.
This important aspect of the fiscal policy has been a major sources of revenue generation in Nigeria roughly this around the turn of this century. Apart from serving this important purpose, it has also been a major policy instrument that the government has consistently used in planning, controlling and co-ordinating the various economic activities of the country gear towards economic growth.
The tax system being a principal fiscal tool, when effectively executed, is capable of helping the nation out of the state of economic recession which is the main problem of distributing the standard of living of individuals in the country.
Therefore, it is the main objective of this study to take critical examination and evaluation of the tax system as all instruments of fiscal policy. And after the analysis, the researcher is deemed to suggest welling planning solution as to the pervading problems of this tax system.
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