APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA


APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA    

CHAPTER ONE 1.1 APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA: Background To The Study

The collection of Tax and other income constitutes the fundamental source of revenue for the government. According to (Olaoye, 2008), Tax constitutes a mandatory levy imposed by the government on firms and individuals to facilitate the generation of revenue for the execution of government plans and programs. Therefore, the successive government has formulated policies towards enhancing the collection of tax. And Another revenue of government one of which is the Treasury Single Account TSA that was recently instituted by the federal government. The measure requires all revenue-generating agencies of government to close their accounts with commercial banks and remit all generated revenues into the Treasury single an account of government. The implementation of Treasury Single Account is for the e-collection of Government revenues of all agencies, department, and Federal Ministries to facilitate transparency and accountability in compliance with section 80 and 162 of the constitution of the Federal Republic of Nigeria 1999 (as amended) which stipulate that, all revenue of the Federal Government or any of her agencies shall be paid into a single account for proper monitoring. It should be noted that prior to the development of the single treasury account, all agencies, departments, and federal ministries operated several individuals accounts and remitted revenues to the federation account as well which were not properly accounted for leading to severe shortfalls of the federation account. The shortfalls were a result of leakages of funds, fraud, and corruption in the public service. Consequently, the preparation of the Budgets was based on false projection leading to poor implementation. TSA, therefore, was to constitute a” unified structure of bank accounts of the government which provides a consolidated account of government cash resources. The TSA is a set of linked accounts belonging to the federal government through which all its receipts and payments are transacted. According to Adeolum, (2015) The implementation of the Treasury Single Account will facilitate proper cash management, eradicate leakages that occur through multiple accounts of government with the commercial bank and provide accountability and transparency in government receipt and expenditure. It is believed that TSA shall facilitate the revenue-generating capacity of the federal government through internally generated revenue of tax revenue in Nigeria. Thereby facilitating accountability and transparency. The research, therefore, seeks to   proffer an Appraisal of the contributions of TSA in boosting tax revenue in Nigeria  

1.2  APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA: Statement of the Problem

Nigeria has come under the serious challenge of the prevalence of corruption where public funds and resources are being diverted for personal gains or misused and the apparent lack of accountability and transparency in public service. This has led to the looting of public funds thereby rendering the government treasury empty. Therefore the apparent need to boost government revenue and enhance accountability and transparency in government precipitated the need for the Treasury Single Account. The collection of Taxes and other income constitutes the fundamental source of revenue for the government. According to (Olaoye, 2008), Tax constitutes a mandatory levy imposed by the government on firms and individuals to facilitate the generation of revenue for the execution of government plans and programs. Therefore, the successive government has formulated policies towards enhancing the collection of tax. And Another revenue of government one of which is the Treasury Single Account TSA was recently instituted by the federal government. The measure requires all revenue-generating agencies of government to close their accounts with commercial banks and remit all generated revenues into the Treasury single account of government.

TSA, therefore, was to constitute a” unified structure of bank accounts of the government which provides a consolidated account of government cash resources. The TSA is a set of linked accounts belonging to the federal government through which all its receipts and payments are transacted. According to Adeolum, (2015) The implementation of the Treasury Single Account will facilitate proper cash management, eradicate leakages that occur through multiple accounts of government with the commercial bank and provide accountability and transparency in government receipt and expenditure. It is believed that TSA shall facilitate the revenue-generating capacity of the federal government through internally generated revenue of tax revenue in Nigeria. Thereby facilitating accountability and transparency. Therefore, the problem confronting the research is to proffer an Appraisal of the contributions of TSA in boosting tax revenue in Nigeria.

1.3  APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA: Objectives of the Study

To describe the contributions of the treasury single account on boosting tax revenue. To assess the process involved in the implementation of a treasury single account. To establish the disadvantages of a treasury single account on tax revenue management.

1.4  APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA: Research Questions

What are the contributions of the treasury single account on boosting tax revenue? What is the process involved in the implementation of a treasury single account? What are the disadvantages of treasury single account on tax revenue management?

1.5  APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA: Significance of the Study

     i.        To proffer the role and impact of TSA in revenue elevating the revenue of government in Nigeria.    ii.        To provide sufficient information on TSA in boosting revenue in Nigeria.

1.6  APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA: Research Hypothesis

 

Ho: The contribution of TSA in boosting tax revenue in Nigeria is low

Hi: The contribution of TSA in boosting tax revenue in Nigeria is high

1.7  APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA: Scope of the Study

The study focuses on the Appraisal of the contributions of TSA in boosting tax revenue in Nigeria.

1.8  APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA: Limitations of the Study

Some of the constraints confronted in the research included logistics and geographical factors.

1.9  APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA: Definition of Terms

Revenue Government annual income from which public expenses are met.

 Tax:

 A compulsory contribution imposed by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.

Accountability:

The requirement to provide transparent disclosure of revenue receipt and expenditure of the government.

Transparency:

To be open, honest, and clean

TSA DEFINED:

IMF (2010), states that TSA, therefore, was to constitute a” unified structure of bank accounts of the government which provides a consolidated account of government cash resources. The TSA is a set of linked accounts belonging to the federal government through which all its receipts and payments are transacted

.

APPRAISAL OF THE CONTRIBUTIONS OF TSA IN BOOSTING TAX REVENUE IN NIGERIA


TYPE IN YOUR TOPIC AND CLICK SEARCH.







RESEARCHWAP.NET

Researchwap.net is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.net guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.

  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.

  • "Researchwap.net is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.net" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.

  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.

  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.

  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .

  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University

  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.

  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.

  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.

  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.

  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .

  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna

  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.