mining, rents and royalties
company income tax
import duties
export duties
petroleum profit tax
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Discussions (21)
The basic reasons for taxation
in any economy cater on the
need to raise revenue for
economic and social
development and to guide
taxpayer’s behavior. Revenue
from taxation accounts for
over 80% of government
earnings in Nigeria, hence
special attention is often paid
by tax experts, economists and
the larger public on how such
revenue is being disbursed by
government among the
various economic sectors that
makes up the country. This
study, therefore, attempts to
evaluate the impact of taxation
as a source of governance
paying special emphasis on
petroleum profit tax over a
period of twenty years. Data
were collected through
questionnaires from
respondents and statistical
bulletins of the Central Bank of
Nigeria. Result were presented
in tabular form. The ordinary
least square method of data
analysis was used for the
analysis of the data collected
from the Central Bank of
Nigeria (CBN). The result of the
findings showed that taxation
as a source of government
income has significant impact
on government revenue and
expenditure, but despite such
contribution to government
revenue generation the
country’s GDP is still low. As a
result of this finding, it was
recommended that the
government should take steps
to meet its socio-political and
economic obligations to the
citizenry as this will lead to a
growth in GDP. Finally, the
study underscores the urgent
need for the improvement of
the tax information system to
enhance the evaluation of the
performance of the Nigeria tax
system and facilitate adequate
macroeconomic planning and
implementation.
Petroleum and oil-related revenues, including the petroleum profit tax (PPT), are the largest source of government revenue in Nigeria. The country's economy heavily depends on the oil and gas sector, which contributes significantly to both government revenues and foreign exchange earnings.
Company income tax is the biggest source of government revenue since petroleum profit tax is one of the types of company income tax
E is correct because petroleum is now d govt major source of revenue. formally,it was Agriculture.
The biggest source of government revenue is Petroleum profit tax, others includes: Companies income tax, personal income tax, import duties while less source of revenue are: direct and indirect tax, fees, licenses and fines, royalties and rent, grants, aids and gift from individuals, interest, dividends, profits and earnings from government investments, borrowing from domestic and foreign by the government.
our economy is so dependant on petroleum that the country has a 98% probability of failure if the oil market collapses
The answer is B.Company income tax is a biggest source of government revenue in Nigeria. It is a direct tax levied on the profits of companies in Nigeria. Government had always use company taxation not only to raise money to run the affairs of government but also is important tool for economic development. Ref.. econs past ques. 2006
Yea E is correct because they only rely on petroleum as the only resource we have which serve as the man power of finance in Nigeria
Mining,rents (on oil blocs) and royalties (mostly paid by oil companies) is the biggest source of government revenue in Nigeria.
