CHAPTER TWO

LITERATURE REVIEW

2.1 Preamble
The aim of this chapter is to examine the concept of theory, theoretical framework and
empirical literature related to sources of company income tax in Nigeria.

2.2 CONCEPTUAL REVIEW

Tax is a major source of government revenue all over the world. Government use tax
proceeds to render their traditional functions, such as the provision of public goods,
maintenance of law and order, defense against external aggression, regulation of trade
and business to ensure social and economic maintenance (Azubike, 2019). Musgrave and
Musgrave (2014) also stated that the economic effects of tax include micro effects on the
distribution of income and efficiency of resource use as well as macro effect on the level
of capacity output, employment, prices, and growth. However, the use of tax as an
instrument of fiscal policy cannot be achieved because of dwindling level of revenue
generated as a result of ineffectiveness of government officials. Kiabel and Nwokah
(2019) argue that the increasing cost of running government coupled with the dwindling
revenue has left all tiers of government in Nigeria with formulating strategies to improve
the revenue base. Tax is dynamic, so reforms are necessary to effect the required changes
in the national economy (Ola, 2001). Azubike (2019) noted that tax reform is an ongoing
process with tax policy makers and tax administrators continually adopting the tax
systems to reflect changing economic, social and political circumstances in the economy.

Recently the Nigerian government undertook various tax law reforms to improve tax
administration and to increase tax yield. The Value Added Tax (Amendment) Act, 2007;
was for instance intended to widen the value added tax base and improve the machinery
for its collection. Similarly the Company`s Income Tax (Amendment) Act. 2007; the
Federal Inland Revenue Services (Establishment) Act, 2007 and The Personal Income tax
(Amendment) Act, 2011, were all aimed at encouraging tax compliance and increasing
tax yield (Aguolu, 2010).
2.2.1 Concept of company income tax
Companies Income Tax Act, LFN 2007 is the current enabling law that governs the
collection of taxes on profits made by companies operating in Nigeria excluding
companies engaged in Petroleum exploration activities. This Tax is payable for each year
of assessment of the profits of any company at a rate of 30% (Adereti 2011). According
to Ola (2006), Companies ‘income tax administration in Nigeria does not measure up to
appropriate standards. If good old tests of equity, certainty, convenience and
administrative efficiency are applied, Nigeria will score low considering the following
points: Due to inadequate monitoring, persons in the self-employed and unquoted private
companies group evade tax. In a study conducted by Festus and Samuel (2007) on
company Income Tax and the Nigerian economy, they conclude that Company income
tax is a major source of revenue in Nigeria but noncompliance with tax laws and
regulations by taxpayers is deep in the system because of weak control. There is a need
for general tax reform in the Nigerian company income tax system.

2.2.2 Concept of Economic Growth

Economic growth represents the expansion of a country’s potential GDP or output. For
instance, if the social rate of return on investment exceeds the private return, then policies
that encourage can raise the growth rate and levels of utility. Growth models that
incorporate public services, the optimal tax policy lingers on the characteristic of services
(Adeniyi, 2013). It has provided insight into why state growth at different rates over time;
and this influence government in her choice of tax rates and expenditure levels that will
influence the growth rates.

Economic growth is an essential ingredient for sustainable development. Economic

growth brings about a better standard of living of the people and this is brought about by
improvement in infrastructures, health, housing, education and improvement in
agricultural productivity. Economic growth as a concept is viewed differently by different
scholars. This is attributed to the condition prevailing at the time of these scholars.
Majority accept it as an increase in the level of national income and output of a country.
According to Dewett (2005), it implies an increase in the net national product in a given
period of time. Todara and Smith (2016) defined economic growth as a steady process by
which the productive capacity of the economy is increased over time to bring about rising
levels of national output and income. Jhingan (2006) viewed economic growth as an
increase in output. He explained further that it is related to a quantitative sustained
increase in a country’s per capita income or output accompanied by expansion in its
labour force, consumption, capital and volume of trade.

The main characteristics of economic growth are high rate of structural transformation,
international flows of labour, goods and capital (Ochejele, 2007).
The motive to improve the quality of lives of citizens through the numerous expenses of
government has motivated the study of the impact of government expenditure on the
economic growth of Nigeria. Globally, government spending has been on the increase
without a corresponding increase in the economic development of these nations
especially in developing nations. This situation has also stimulated research in the area of
government spending and economic growth and development.

2.2.3 Nature and Scope of Taxes

Anyanwu (2007) defined taxation as the compulsory transfer or payment (or occasionally
of goods and services) from private individuals, institutions or groups to the government.
The main purpose of purpose of tax is to raise revenue to meet government expenditure
and to redistribute wealth and management of the economy (Ola, 2001; Jhingan, 2014;
Bhartia, 2009). According to Nzotta (2007), four key issues must be understood for
taxation to play its functions in the society. First, a tax is a compulsory contribution made
by the citizens to the government and this contribution is for general common use.
Secondly, a tax imposes a general obligation on the tax payer. Thirdly, there is a
presumption that the contribution to the public revenue made by the tax payer may not be
equivalent to the benefits received. Finally, a tax is not imposed on a citizen by the
government because it has rendered specific services to him or his family.

Thus, it is evident that a good tax structure plays a multiple role in the process of
economic development of any nation which Nigeria is not an exception (Appah, 2010).
Musgrave and Musgrave (2004) note that these roles include: the level of taxation affects
the level of public savings and thus the volume of resources available for capital
formation; both the level and the structure of taxation affect the level private saving. A
system of tax incentives and penalties may be designed to influence the efficiency of
resource utilization; the distribution of the tax burdens plays a large part in promoting an
equitable distribution of the fruit of economic development; the tax treatment of
investment from abroad may affect the volume of capital inflow and rate of reinvestment
of earnings there from; and the pattern of taxation on imports relative to that of domestic
producers affect the foreign trade balance.

However, Anyanwu (1993) pointed out that there are three basic objectives of taxation.
These are to raise revenue for the government, to regulate the economy and economic
activities and to control income and employment. Also, Nzotta (2007) noted that taxes
generally have allocational, distributional and stabilization functions. The allocation
function of taxes entails the determination of the pattern of production, the goods that
should be produced, who produces them, the relationship between the private and public
sectors and the point of social balance between the two sectors. The distribution function
of taxes relates to the manner in which the effective demand over economic goods is
divided, among individuals in the society.

According to Musgrave and Musgrave (2016), the distribution function deals with the
distribution of income and wealth to ensure conformity with what society considers a fair
or just state of distribution. The stabilization of function of taxes seeks to attain high level
of employment, a reasonable level of price stability, an appropriate rate of economic
growth, with allowances for effects on trade and on the balance of payments. Nwezeaku
(2005) argues that the scope of these functions depends, inter alia, on the political and
economic orientation of the people, their needs and aspirations as well as their
willingness to pay tax. Thus the extents to which a government can perform its functions
depend largely on the ability to design tax plans and administration as well as the
willingness and patriotism of the governed.
According to Anyanfo (2016), the principles of taxation mean the appropriate criteria to
be applied in the development and evaluation of the tax structure. Such principles are
essentially an application of some concepts derived from welfare economists. In order to
achieve the broader objectives of social justice, the tax system of a country should be
based on sound principles. Jhingan (2014), Bhartia (2009) and Osiegbu et al. (2010)
listed the principles of taxation as equality, certainty, convenience, economy, simplicity,
productivity, flexibility and diversity.

(i) Equity Principle

States that every taxpayer should pay the tax in proportion to his income. The rich should
pay more and at a higher rate than the other person whose income is less (Jhingan, 2014).
Anyanfo (2006) states that it is only when a tax is based on the tax payer’s ability to pay
can it be considered equitable or just. Sometimes this principle is interpreted to imply
proportional taxation.

(ii) Certainty Principle

Certainty Principle of taxation states that a tax which each individual is bound to pay
ought to be certain, and not arbitrary. The time of payment, the manner of payment, the
quantity to be paid ought to all be clear and plain to the contributor and every other
person (Bhartia, 2009).

(iii) Convenience Principle

Convenience principle of taxation states that the time and manner should be convenient
to the taxpayer. According to Anyanfo (1996), this principle of taxation provides the
rationale for Pay - As - You - Earn (PAYE) system of tax payable system of tax
collection.

(iv) Economy Principle:

Economy principle states that every tax should be economical for the state to collect and
the taxpayer to pay (Appah, 2004; Jhingan, 2014; Bhartia, 2009). Anyanfo (1996) argues
that this principle implies that taxes should not be imposed if their collection exceeds
benefits.
(v) Productivity principle
Productivity principle states that a tax should be productive in the sense that it should
bring large revenue which should be adequate for the government. This is the major
reason why governments in all parts of the globe continuously employ tax reforms.

(vi) Simplicity Principle

Simplicity principle states that the tax should be plain, simple and intelligible to common
taxpayer. Anyanfo (1996) argue that there should be no hidden agenda in the tax law.

(vii) Flexibility Principle

Flexibility principle implies that there should be no rigidity in taxation. Diversity
Principle of taxation states that there should be different variety of taxes. Bhartia (2009)
argue that it is risky for state to depend upon too few a source of public revenue.

(viii) Tax reforms in Nigeria

Tax reforms in Nigeria the dependence on oil revenue by all tiers of government in
Nigeria has made the federal government to reform the existing tax laws.

2.2.4 Nigeria’s Major Taxes

In order to avoid multiple collections of taxes from the same taxpayer, at least in theory,
taxes of each tier of government in Nigeria have been clearly defined by the Joint Tax
Board (JTB) as follows:
(a) Federal Taxes: Federal Taxes includes:
(i) Companies Income Tax.
(ii) Custom and Excise Duties.
(iii) Value Added Tax.
(iv) Education Tax
(v) Personal Income Tax in respect of:-
(1) Armed Forces, Police, etc.
(2) Non resident individuals and companies.
(3) Staff of Nigeria Foreign Service.
(4) Individuals resident in the Federal capital Territory.
(b) State Taxes:
(i) Personal Income Tax.
(ii) Road Taxes
(iii) Pools betting and lotteries.
(iv) Business premises registration
(v) Development Levy.
(vi) Naming of street registration in state capitals
(vii) Right of occupancy on land owned by state
(viii) Market taxes on state financed taxes.

(c) Local Government Taxes:

(i) Shops and Kiosks rates.
(ii) Tenement rates.
(iii) On and off liquor license fee.
(iv) Slaughter slab fees
(v) Marriage, Birth and death Registration Fees (Rural Areas).
(vi) Right of Occupancy on land in rural areas.
(vii) Market Taxes and Levies.
(viii) Motor Park Levies
(ix) Domestic Annual License Fees.
(x) Bicycle, Truck, Canoe, Wheelbarrow, and Cart Fees.
(xi) Cattle tax payable by cattle farmers only.
(xii) Merriment and Road Closure Levy.
(xiii) Radio and Television License Fees (other than radio and television transmitter)
(xiv) Vehicle Radio License (Local Government Registration of the vehicle).
(xv) Wrong Parking Charges
(xvi) Public Convenience and Refuse Disposal, Customary burial ground permit fees.
(xvii) Religious Place Establishments Permit Fees
(xviii) Signboard and Advertisement Permit Fees.
2.2.5 Problems of Tax Administration in Nigeria
According to Soyode and Kajola (2006), the problems of tax administration in Nigeria
are as follows:
(1) Tax Evasion: Tax evasion is a deliberate and willful practice of not disclosing full
taxable income so as to pay less tax. In other words, it is a contravention of tax laws
whereby a taxable person neglects to pay the tax due or reduces tax liability by making
fraudulent or untrue claims on the income tax form. Tax is evaded through different
methods some of which include the following:
_ Refusing to register with the relevant tax authority.
_ Failure to furnish a return, statement or information or keep records required.
_ Making an incorrect return by omitting or understating an income liable to tax refusing
or neglecting to pay tax.
_ Overstating of expenses so as to reduce taxable profit or income, which will also lead to
payment of less tax than otherwise have been paid.
_ A taxpayer hides away totally without making any tax return at all.
_ Entering into artificial transactions.

(2) Tax Avoidance: Tax avoidance has been defined as the arrangement of tax payers’
affairs using the tax shelters in the tax law, and avoiding tax traps in the tax laws, so as to
pay less tax than he or she would otherwise pay. That is, a person pays less tax than he
ought to pay by taking advantage of loopholes in a tax levy. Tax can be avoided in
various ways:
_ Incorporating the tax payer’s sole proprietor or partnership into a limited liability
company.
_ The ability to claim allowances and reliefs that are available in tax laws in other to
reduce the amount of income or profit to be charged to tax.
_ Minimizing the incidence of high taxation by the acquisition of a business concern
which has sustained heavy loss so as to set off the loss against future profits.
_ Minimizing tax liability by investing in capital asset (for instance through the new form
of corporate financing by equipment leasing), and thus sheltering some of the tax payers
income from taxation through capital allowance claims.
_ Sheltering part of the company’s taxable income from income tax by capitalizing profit
through the issue of bonus shares to the existing members at the (deductible) expenses to
the company.
_ Creation of a trust settlement for the benefit of children or other relation in order to
manipulate the martinet tax rate such that a high income bracket tax payer reduces his tax
liability.
_ Converting what would ordinarily accrue to the tax payer (employee) as income into
capital gain (i.e Compensation for loss of office) the advantage of the employer and
employee.
_ Manipulation of charitable organizations whose affairs are controlled and dominated by
its founders thus taking advantage of income tax exemption.
_ Buying and article manufactured in Nigeria thereby avoiding import duty on imported
articles.
_ Avoiding the consumption of the articles with indirect taxes incorporated in their prices
e.g. tobacco.

2.2.6 Other Problems Militating against Effective Tax Administration in Nigeria

(1) Problems of Assessment
There are two major aspects to these:
(1) Identification the person to be assessed:
His address and his place of resident so that notices can be served to him.
Due to the poor rate of voluntary compliance, and the very low degree of honesty, most
taxable persons hide from tax authorities, and if possible would give fake addresses to
conceal their identity. Persons who are aware of the whereabouts of other taxpayers
evading tax would not volunteer any information to the Tax Authorities.

Our postal system and services are so inadequate and inefficient that even letters with
proper addresses are not delivered let alone those with no proper addresses. Many
businessmen and women do their business without any registration or any fixed
addresses. It is therefore difficult to track down such persons for tax purposes. There is
also the fact that a lot businesses involving money, are still carried out in this country
without reducing anything in writing, what is in writing may not accurately reflect what
has transpired, either for fraudulent reasons or for tax purposes.

(2) Identifying Income for Tax Purpose

The ascertainment of world income tax purpose most of the time proved difficult. World
income embraces all sources of income, including employment income, income from
business, profession or vocation interest, rents, dividends etc. earned in or brought into
Nigeria. Taxpayers often flout notices to file return of income forms and either they fail
to render any returns at all or even when they do, they render virtually useless returns, in
the pretext that they are illiterate or do not know what to do.

People engage in artificial transactions to conceal or dodge the burden of tax and conceal
income yielding transactions e.g. people build houses in other people’s name, may be in
the name of people who are otherwise non-existent or are so insignificant in the society
that they are not likely to be called at any time to pay tax, let alone to be asked to account
for house(s) they are supposed to own.

(3) Personnel Problem and Low Image of Tax Officials

Lack of experienced personnel to man the various relevant tax authorities hinders the
effective tax administration in Nigeria. In some states, the Board of Internal Revenue is
poorly staffed both in terms of quality and quantity of staff. The image of a tax man is
that of a corrupt person. They are seen in the eyes of the public as not only corrupt but
also lacking in personal integrity.

(4) Inadequate Penalties for Tax Defaulters

Low penalties, sometimes ridiculous for tax defaulters do not serve as deterrent for
others. They are also not strict enough to encourage compliance.

(5) Attitudinal Problem

Most people do not know that it is part of their civic duties or responsibilities to pay tax
and except a few enlightened individuals, corporate organizations and salaried employees
whose income are subjected to tax, some adult Nigerians do not eagerly and regularly pay
tax.
(6) Cumbersome Process of Payment
The procedure for paying certain taxes are too cumbersome and do not encourage prompt
payment of tax by payers. In some instances they go Scot free by bribing tax officials.

2.3 THEORETICAL FRAMEWORK

A taxation theory may be based on a link between tax liability and state activities. This
reasoning justifies the imposition of taxes for financing state activities and also providing
a basis for apportioning the tax burden between members of the society. The following
are the theories of taxation:

2.3.1 Tax Compliance theories

Any strategy to prevent tax evasion should begin with a theory of why people cheat on
their taxes. Naturally, much of it is unconvincing and ambiguous. There have been a lot
of theories determining the impact of tax administration on economic growth in both the
context of developed and developing countries which Nigeria is among. For the purpose
of this study, new endogenous growth theory, economic theories, psychological theories
and sociological theories were adopted.

2.3.2 The New Endogenous Growth Theory

Unsatisfied with previous models, the endogenous growth theorist incorporated a new
concept known as human capital into their model and believe that unlike physical capital,
human capital has indeed increasing rates of return and that the skills and knowledge
acquired will make workers, to be more productive in an economy.

2.3.3 Socio political theory:

This theory of taxation states that social and political objectives should be the major
factors in selecting taxes. The theory advocated that a tax system should not be designed
to serve individuals, but should be used to cure the ills of society as a whole.
2.3.4 Expediency theory
This theory asserts that every tax proposal must pass the test of practicality. It must be the
only consideration weighing with the authorities in choosing a tax proposal. Economic
and social objectives of the state as also the effects of a tax system should be treated
irrelevant (Bhartia, 2009).

2.3.5 Benefit Received Theory:

This theory proceeds on the assumption that there is basically an exchange relationship
between tax-payers and the state. The state provides certain goods and services to the
members of the society and they contribute to the cost of these supplies in proportion to
the benefits received (Bhartia, 2009). Anyanfo (2006) argues that taxes should be
allocated on the basis of benefits received from government expenditure.

2.3.6 Cost of Service Theory

This theory is similar to the benefits received theory. It emphasizes the semi-commercial
relationship between the state and the citizens to a greater extent. In this theory, the state
is being asked to give up basic protective and welfare functions. It is to scrupulously
recover the cost of the services and therefore this theory implies a balanced budget
policy.

2.3.7 Faculty Theory

According to Anyanfo (2006), this theory states that one should be taxed according to the
ability to pay. It is simply an attempt to maximize an explicit value judgment about the
distributive effects of taxes. Bhartia (2009) argue that a citizen is to pay taxes just
because he can, and his relative share in the total tax burden is to be determined by his
relative paying capacity.

2.4 EMPIRICAL STUDIES

Several empirical studies have been conducted on the impact of taxes on economic
growth. Furceri and Karras (2019) researched to investigate the effects of changes in
taxes on economic growth by using annual data from 1965 to 2007 for a panel of twenty-
six economies. The main variable of this study is growth and the growth rate of real GDP
per capita. This study also uses other variables such as tax rate and income tax. The
findings show that the effect of an increase in tax on real GDP per capita is negative and
persistent where an increase in the total tax rate which measures like the total tax ratio to
GDP by 2% of GDP has a long-run effect on real GDP per capita of -0.5% to -1%.
Besides, their findings also imply that the increase in social security contributions or
taxes on goods and services has a large negative effect on per capita output than the
increase in the income tax.

Adegbie and Fakile (2011) examined the relationship between company income tax and
Nigeria’s economic growth for the period 1981 to 2007. They used the GDP to capture
the Nigerian Economy which was measured against total annual revenue from company
Income Tax for the same period. They employed the use of chi-square and multiple linear
regression analysis methods to analyze data obtained from both primary and secondary
sources. Their variables included various taxes regressed against GDP. With an R
squared of 98.6% and an adjusted R squared of 98.4%, revealing that company income
tax’s impact on GDP is very high and impressive. It further showed that there is a
significant relationship between company income tax and Nigerian economic
development and that tax evasion and avoidance are the major hindrances to revenue
generation. Overall the study examined only Company Income Tax which calls for the
need to see the impact of all Tax revenues on the Nigerian economy.

Festus and Samuel (2007) opined that the relationship between company income tax and
Nigerian economic growth, the role of tax revenue in promoting economic activities and
growth is not felt primarily because of its poor administration, perception and often an
undesirable imposition which bears no relation to the responsibilities of 40 citizenship or
to the service provided by the government. Their study further revealed that efficient and
effective tax administration results in increased revenue yield, but this is not possible
because of the presence of evasion and avoidance due to loopholes in the tax laws. On the
other hand, Adedeji and Oboh (2010) stated that people expect that by sacrificing their
private resources to the state in the form of taxes, the government is expected to
reciprocate by spending public revenue in a way that will enhance their welfare.
However, government and tax collectors have been dubiously mismanaging the public
treasury. There is a high level of manipulation and diversion of tax revenue by the
collectors. The dwindling tax revenue as presently witnessed results from lack of
encouragement to the taxpayer, due to the fact that there is very little evidence to show
for taxes collected. For these reasons, there are increased cases of tax evasion. Therefore,
this gap in the existing literature on tax revenue and economic growth needs to be filled
(Appah, 2004)

Richard and Eric (2013) conducted a research, on the induction to tax policy design and
development ,using co-integration test, unit root test and ordinary least square regression
in testing the variables and finds out that globalization and other factors may lead to
further convergence of tax system, the evidence to date shows that the size and structure
of taxation in most countries will continue to be dominated largely by domestic instead of
global factors and the study further recommended that the government should take a
proper account of what taxes exist around the world and as well the level and structure of
taxes, also the way in which taxing patterns have changed in recent years should be
reviewed with a given period of years.

Jane (2011) carried out research on the impact of tax reform on the general economy of
the nation and tested the research variable with the use of ordinary least square regression
method and find out that tax reform in Nigeria have not had a significant impact on the
macroeconomic stability. It was observe that increase in the tax rate ultimately result in
greater burden for the masses through a shift of the tax liability. As a result, tax reforms
in Nigeria have created inequalities rather than bridging such. The study further
recommended that citizens should wake up to their civic responsibilities in terms of tax
compliance.
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