THE PROBLEMS AND PROSPECT OF VALUE ADDED TAX (VAT).A CASE STUDY OF OYO STATE

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THE PROBLEMS AND PROSPECT OF VALUE ADDED TAX (VAT).A CASE STUDY OF OYO STATE

ABSTRACT

The work discusses the problems and prospect of value added tax (VAT).A case study of Oyo state. The topic value Added Tax, which was introduced in the year 1993, is a tax on consumption born by the final consumer by paying five percent (5%) on any valuable product whether local produced or imported.

The researcher data collection was on two bases, which include the primary, and secondary. The primary data was the information got by the researcher when the researcher conducted on oral interview with the officials of the federal in land Revenue service, the Accountant General of Oyo state and some of his office staff who are basically concerned with the collection and the disbursement of the money from value Added Tax.

The secondary data was got from the value Added Tax information circular No 93/ 04 dated 20th August 1993 and 93/ 05 dated 5th Nov. 1993. Other were value Added Tax Decree No. 102 of 1993 and principle and practice of Management by Breech E.F.L of 1975.

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The data collected was presented and analyzed accordingly and the following findings were made; that there were, “Registered person” at the time of this project which in actual sense is a success; that the money collected by the federal inland Revenue service officers the “Registered persons” were promptly recorded and paid to the central Bank of Nigeria in on the importance of value Added Tax offices has not been established in the Government use the money as it suits them; and that the payment of value Added Tax rate through central Bank in each state to the central Bank in Abuja is a delay tactics which hinders the sharing at the appropriate time.

Based on the above findings, the following recommendations were made. That value Added Tax offices be established in all local government area to effect prompt payment and curb the value Added Tax rate evaders. By its establishment, it will become a household name in all the local government areas, that a specific project be mapped out by the federal Government for the utilization of the money realized from the Added Tax: that a specific account be opened into which the money realized will be paid instead of through the central Bank; and that a special Board be established for the sharing of the money realized.

TABLE OF CONTENT

Title page

Approval page

Dedication

Acknowledgement

Abstract

Table of content

CHAPTER ONE

INTRODUCTION

1.1Background of the study

1.2Statement of the problems

1.3Purpose of the study