REVENUE GENERATION AND ENGAGEMENT OF TAX CONSULTANTS IN LAGOS STATE, NIGERIA: CONTINUOUS TAX EVASION AND IRREGULARITIES
Journal Title: European Journal of Business and Social Sciences - Year 2013, Vol 1, Issue 10
Abstract
Requirement of governments to provide public goods and execute other developmental projects that would improve living standard of citizenry as well as meet its recurrent expenditure necessitate intensified revenue generation efforts both internally and externally. Collection of taxes is one of the formidable options to generate revenue. In Lagos State most projects are executed with internally generated revenue in addition to share of the federation account. However, tax evasion and avoidance is rampart in Lagos state as the activities of some unscrupulous tax consultants, tax officials and even accounting firms encourage irregularities in revenue generation. This has in no small decimated revenue drive. This paper recommends that Revenue authorities (LIRS) should study and identify salaries and remuneration that will prevent revenue officers from colluding with tax payers. Also, those activities of engaged tax consultants should be monitored effectively. Besides, agreed commissions on tax collections should be paid promptly. Furthermore, continuous tax education right from early education as well as in religious gatherings in Lagos State is recommended as antidote for tax evasion in the long run. There should be intensified effort to reduce the effects of false financial reporting on revenue generation of Lagos State. Lagos State should devise motivational factors that could deter tax officials and consultants from collusion.
Authors and Affiliations
Oladele Rotimi| Department of Accounting Adekunle Ajasin University, Akungba Akoko, Ondo State Nigeria. E-mail: olarotimi7@gmail.com (08060891264), Dr. Uduma Samuel Aka Udu| Department of Accounting Federal University, Ndufu Alike Ikwo. Ebonyin State, Nigeria. E-mail: uakasamuel@yahoo.com (08037988804), Aderemi Adetunji Abdul-Azeez| Department of Accounting Lagos State University, Ojoo, Lagos Lagos State. E-mail: azeezgoodness@yahoo.com.com (08023059296)
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