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AN EVALUATION AND APPRAISAL OF TAXATION AS A SOURCE OF REVENUE TO LAGOS STATE BOARD OF INTERNAL REVENUE (CASE OF LAGOS STATE, NIGERIA)

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AN EVALUATION AND APPRAISAL OF TAXATION AS A SOURCE OF REVENUE TO LAGOS STATE BOARD OF INTERNAL REVENUE (CASE OF LAGOS STATE, NIGERIA)

 

 

 

Abstract

Taxation has become a thing of interest and urgency as it is a means of revenue to the federal, state and local Government in Nigeria. However, the political, economic and social development of any country depends on the amount of income generated for the provision and maintenance of public utility services such as water, electricity supply, health services, education and transport services as well as the provision of economic development and maintenance of an efficient administrative system, the aim of this paper was to reveal the impact of taxation as a source of revenue in Lagos, Nigeria. The paper focuses on the various types and principles of taxation in Lagos, Nigeria. In the paper the fundamental effect of taxation, organs of tax collection, types of taxes in Nigeria and problems relating to tax among others were discussed. The findings among others confirmed that adequate use of the funds generated through taxes served as means of poverty alleviation, unemployment and improve the standard of living of the people. The paper, therefore, recommend that the Lagos state government should raise more public awareness and enlightenment that will enable taxpayers to know the usefulness and reason for the payment of tax.

Keywords: Appraisal of Taxation, Board of Internal Revenue, Government of Nigeria, Lagos State, Tax