ABSTRACT
Software based value added tax calculator, VATC provides flexible and cost effective independent tax services for corporate tax departments. Software based value added tax calculator, VATC skilled tax professionals are experts in Federal, state or international corporate tax matters, and serve clients on a co-sourced, outsourced or project basis. This project is aim at designing an Software based value added tax calculator in board of Internal revenue Enugu. This is achieved with the help of programming language like visual basic. A good tax system should be structured so that it can be administered efficiently and economically. Taxes that are costly or difficult to administer divert resources to non-productive uses and diminish confidence in both the levy and the government. Worse still, waste can also be created by excessive tax rates; economic efforts are then shunted from high- into low-yielding activities, from productive enterprises into tax shelters, and from open, above-board transactions into hidden, off-the-record participation in the underground economy. When this happens, the important principle of tax neutrality (which maintains that a tax should not cause people to change their economic behaviour), implied by Smith, is violated.
ORGANISATION
OF THE WORK
This work is organized into seven chapters.
CHAPTER
ONE: Highlights the native, aims and objectives of the
project, the general work to be done, what it will achieve and benefits
derivable there from.
CHAPTER
TWO: Reviews some literature of related subject matter by
earlier authors.
CHAPTER
THREE: Describes and
analyses the existing system, states its mode of operation and identities the
problem facing at, providing possible solution thereof.
CHAPTER
FOUR: Treats the design of the new system. Things in the present system as well as the
new structure and design elements that are needed to properly implement the new
system are also described.
CHAPTER
FIVE: Deals with the implementations phase, comprising
program design, coding and testing.
CHAPTER
SIX: Presents the documentation of the
new system, describing the functionality of various parts of the program. It also provides a risers guide to using the
system.
CHAPTER SEVEN: Gives some concluding remarks as well as recommends possible areas of further research and improvement.
TABLE OF CONTENT
TITLE PAGE
CERTIFICATION
DEDICATION
ACKNOWLEDGEMENT
ABSTRACT
ORGANISATION OF THE WORK (STUDY)
TABLE OF CONTENT
CHAPTER ONE:
INTRODUCTION
- BACKGROUND
OF THE STUDY
- STATEMENT
OF PROBLEM
- PURPOSE
OF STUDY
- SIGNIFICANCE
OF THE STUDY
- AIM
AND OBJECTIVES
- SCOPE
OR DELIMITATION
- LIMITATIONS
OR CONSTRAINTS
- ASSUMPTIONS
CHAPTER TWO:
LITERATURE REVIEW
CHAPTER THREE:
DESCRIPTION AND ANALYSIS OF
EXISTING SYSTEM
3.1 FACT
FINDINGS METHOD USED
- OBJECTIVE
OF THE EXISTING SYSTEM
- INPUT,
PROCESS AND OUTPUT ANALYSIS
- PROBLEMS
OF THE EXISTING SYSTEM
- JUSTIFICATION
OF THE NEW SYSTEM
CHAPTER FOUR:
DESIGN OF THE NEW SYSTEM
4.1 OUTPUT SPECIFICATION AND DESIGN
- INPUT
SPECIFICATION AND DESIGN
CHAPTER FIVE:
IMPLEMENTATION
CHAPTER SIX:
DOCUMENTATION
CHAPTER SEVEN:
RECOMMENDATION AND CONCLUSION
REFERENCES
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE
STUDY
Value Added Tax (VAT) is a
system of tax recently introduced in Nigeria, which is based on imposition, and
charging 5 percent tax on certain goods and services imported or produced
locally in Nigeria. The idea of introducing
Value Added Tax in Nigeria came from the report of the study groups set up by
the Federal Government in 1991 to review the entire Tax System.
Value Added Tax was proposed and a committee was set up to carry out feasibility studies on its implementation. In January 1993 government agreed to introduce Value Added Tax by the middle of the year and it was later shifted to 1st September, 1993. Value Added Tax is a replacement of the existing sale’s Tax, which has been in operation under Federal Government Legislated Degree N0. 7 of 1986.
In some advanced countries of the world, this system of taxation had been in operation and its enormous benefits being harvested. These countries are United States of America Britain, China and a host of others. Nigeria on her own wants to take the bull by the horn by introducing value added tax like other benefiting countries earlier mentioned above despite all pitches that may appear to impede the good intentions of government to introduce and implement the system.
The
value added tax system has been introduced and made to get its location offices
in all the 36 states of the Federation and Abuja. To ensure that the system works most
effectively and efficiently so that the main purpose or goal for which the
system was introduced is achieved, the then federal military government made a
decree that backs its smooth take off.
The value Added Tax System has taken off in earnest and its application
on various sectors of our economy in Nigeria and some states.
Especially
Enugu, seems to be producing good and bad effects on the economy generally.
The
good effect of value added tax include the reduction of the tax evasion,
provision of incentives to exporters, reduction of government excessive
dependence on the oil sector as well as enhancing the provision of social
infrastructure.
Software based
value added tax calculator, VATC provides flexible and cost effective
independent tax services for corporate tax departments. Software based value
added tax calculator, VATC skilled tax professionals are experts in Federal,
state or international corporate tax matters, and serve clients on a
co-sourced, outsourced or project basis.
Software based
value added tax calculator, VATC services range from overall tax management
programs to focused assignments such as tax compliance, planning, examination
support or automation development
Software based value added tax
calculator, VATC provides the following services
Tax Planning–
Advance tax planning is critical to avoid costly penalties and interest.
Gain insight regarding tax laws affecting your business; have us review
your two previous years’ tax returns for tax compliance.
Tax Preparation– We prepare all business tax forms on your behalf, saving
you hours and perhaps days of tax filing headaches.
Business Tax Returns Prepared (Schedule C for Sole Proprietors)
Corporation and S-Corporation Tax Returns, LLC’s, LLP’s, Partnerships, Estates and Trusts
Self-Employment (Social Security and Medicare) Tax
Estimated Income Tax
STATEMENT
OF THE PROBLEM
Value Added Tax and its introduction into the economy is a giant revenue generating mechanism, which will go a long way to boast revenue generation in the economy. It is based on this premise that there becomes the need to examine critically the mechanism or how far the imposition system of value Added Tax in various sectors of the economy has failed. The study will therefore address the following issues.
- How the money is
being collected
- How t he money is
disbursed
- What the money is
used for after disbursement
DESIGN AND IMPLEMENTATION OF A SOFTWARE BASED VALUE ADDED TAX CALCULATOR CASE STUDY OF ENUGU STATE BOARD OF INTERNAL REVENUE
