The taxes charged on business enterprises in Nigeria include; corporation tax, value added tax, presumption tax and exercise duty. From 1992, URA has been organizing and strengthening the administrative procedures and in 1993 this process assisted by a grant from the British government of approximately US$ 10million. This was to give guidance in assessment and computation of taxes (Campsy, 1997). Together you can review both your business and personal situation and devise strategies to take advantage of the changes the law has ushered in, review your legal entity and tax status, and make decisions about the best way forward. IMPACT OF TAXATION ON SMALL AND MEDIUM SCALE BUSINESS IN NIGERIA ABSTRACT Small and Medium Enterprises play a very important role in development of the Nigerian Economy. This period was selected to enable the researcher come up with coherent information from the respondents as it would enable them (Respondents) to give responses that are typical of their opinion from the observations made over this period. Every business is different, as is every person wanting to start a business. If you own a pass-through entity, the new law allows you to deduct 20% of “qualified business income”—in other words, the income your business generates, less any applicable expenses. Data was collected from both primary and secondary sources. Therefore, it was against this background that the researcher undertook the study to investigate more about the problem using Nigeria as a case study to evaluate the impact of taxes on small and medium scale business enterprises. Our primary objective is to assist and guide final year students with well researched and quality project topics, project works, research guides, and project materials, at a very reduced and affordable price. Business Administration Project Topic Chapter 1-5 titled, The Impact Of Taxation On Small And Medium Scale Business In Nigeria. But what does it mean for small businesses? Perhaps the most publicized change in the tax law is the reduction of the corporate tax rate from 35% to 21%. This process began in 1900 with the hut tax regulation which imposed a standard charge for every hut/dwelling. Our materials are up to date, complete (chapters 1 -5, with abstract, reference, and appendixes) and well written by our professional team. This also applied to other colonies elsewhere and for East Africa, one tax system operated under British administration. Taxes can be confusing at the best of times, but the sweeping changes brought into effect by the 2017 Tax Cuts and Jobs Act (H.R.1) have many small business owners wondering how the new legislation will affect them and what the pros and cons are. The specific objectives are: 3.What are the problems faced by tax payers? These rates seem to be taking an upward trend (Gordon and Dawson, 1987) which has led to winding up of some small scale business enterprises. Therefore, many small business owners may be wondering how the Tax Cuts and Jobs Act (H.R. However, it’s not a free for all, and this deduction is subject to limitations.In general, to qualify for the deduction your income must be below $157,500 if you're single or $315,000 if you're married and file jointly. Taxes have existed virtually as long as there have been organized governments. Talk to us right now: (+234) 08060082010, 08107932631, 08157509410 (Call/WhatsApp). 1 or for any other reason), CT is here to help you comply with the requirements of the relevant state business entity laws. Sole proprietorships, partnerships, S corporations, and LLCs are “pass-through” tax entities. A high marginal tax rate will be a disincentive for business while a lower one will be ah incentive to work. Most businesses must file and pay federal taxes on any income earned or received during the year. There are a significant number of changes in the Tax Cuts and Jobs Act beyond the three outlined above. The owners of these corporations and LLCs should be interested to note that under the H.R. Another important factor is taxation—in particular, federal income taxation. According to Manasseh (2000), a tax is generally referred to as a compulsory levy imposed by government upon various categories of assets and taxation is a compulsory and non refundable contribution imposed by government for public purposes. Reducing the corporate income tax will benefit workers as new investments boost productivity and lead to wage growth. If you operate a pass-through entity, such as an LLC, sole proprietorship, partnership, or S corporation, one big change you’ll see is a reduction in your individual income tax rate. In September 1991, after a period of review the Rural Revenue Authority (URA) was established. As with all things taxation, the benefits (and disadvantages) for America’s businesses are somewhat complicated to decipher. CT's experts outline how the tax reform bill will impact small businesses, such as LLCs and S corporations, operating as "pass-through" tax entities. The first option would be a sole proprietorship (for one owner) or a partnership (for more than one owner). Taxation also creates incentives for governments to upgrade their institutions for tax collection and administration and to provide more public services (Moore, 2007). Taxation can help small business to get a high profit target bearing in mind that they will pay tax from the profits they make. Data was processed and analyzed using formal tables, pie charts, narrative text, and correlation to find out the relationship between the impact of taxes and performance of small scale businesses. The study considered a period of four to six months. It was the Local Authority Ordinance of 1991 that governed the collection of taxes. The study only torches on the challenges tax policies in Nigeria and how it can affect self employed business men and women, traders, and other forms of sole proprietorship businesses.

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