Associate Manager - Procurement Location: In order to maintain our continued drive for excellence and to deliver our business objectives a new operating model for the procurement function was designed.
B is not as painful as to Mr. This imposes a heavy tax on the poor and a comparatively small tax burden on the rich. The progressive is the system amongst them for direct taxation. Here, the utility of each naira given up is very much greater to Mr. A earning than the utility of the same naira to Mr.
B who earns 5, A tax system that is god must be minimal in its effect on the optimum allocation of resources. It should not alter the market mechanism that is its effect n forces of demand and supply.
It should not as well lead to loss in total output by adversely affecting. Enterprises, through high profit taxes Work which could occur with high marginal rate of imcome. Export of cash crops which could occur with high taxes.
Saving which could be discourage by high wealth taxes. There should exist a tax system that encourages industry and enterprise. The tax payment is a burden at the point of payment although the payer may accept the fairness of the tax he is paying. This situation arises where the tax payer pays tax annually.
Although this way creates avenue for default because the amount to be paid may be too much for the tax payer to bear at the end of the year, this is why the pay as you earn is recommended because tax is deducted as sources before the employees are paid their salaries.
In brief, a good tax system must ensure that time, place and manners should be related to how people receive and spend their money or income and thus must be convenient to tax payers. Tax payer as a statement of fact should know their tax liability clearly.
A good tax system must have a least cost of collection. Any tax which costs more to collect than it raises in revenue is clearly a waste of time and resources.
Moreover, wastages like abandoned government property heaped road construction materials on road sides do not only negate principle of economy but also kills tax payers spirit. A good tax system should be in hormony with government policies and programmas.
The system has to be adjustable at all time in case of any clashes with other government programmes or change in economy. The Nigerian tax system is noted to be eratic because of review of tax policy in almost every budget. The budget is evidence as it relates to tax.
In fact, a good tax system should be able to generate enough revenue for meeting government developmental programmes. A system that ensures increase in revenue as the economy develops without imposition of now tax is not only commendable but recommended is well.
This can only be achieved through an income elastic tax structure, progressive tax system etc. As well, it is a fiscal instruments through which government generates income to execute its programmes and policies.
It is a compulsory fee all eligible adults in the country have the obligation to pay. Some of these taxation effects include: A very high tax induced on the people will discourage work as a result of low moral to work.
The resultant effect is fall in national income which also affects labour supply. For example, a skilled worker or a professional who pays income tax at 45k net of tax, if he did not meet up with his obligation, he ahs to work even have but the likely thing that he does is to sacrifice this particular time for some leisure.
Taxation which is in fact a reduction of current income, reduces ability to save. This is more evident when one considers the amount left after tax payment, this amount may not even be enough to meet immediate needs not to talk of savings.
The reward for enterprise just like in any other business is profit and when this profit is taxed, it checks the spirit of enterprises.
This profit motivate makes entrepreneurs to engage in high risk ventures only to be taxed after all their efforts, moreover, where the enterprise runs into a los no incentives are given to them most of the time for the losses sustained. Export taxes on primary commodities used as a stabilization instrument has its dra.
Badas even when its objective is realized.Challenges of Tax Administration in Lagos State Odusola () is of the opinion that the tax administration in Lagos State is similar to what obtains in other parts of the country. The tax administration problems encountered in Lagos State are also evident in other States of the Federation.
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