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THE ROLE OF TAXATION IN ECONOMIC GROWTH OF NATIONS.
Economic Growth remains a MACRO-ECONOMIC objective of any nation, be it developed or developing alike. Economic growth serves as an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. Governments are saddled with responsibility of providing some basic infrastructure for the citizens, stabilization of the economy, redistribution of income, provision of economic services are some major responsibilities a government owes its citizenry. The ability of government to live up to these responsibilities largely depends on the amount of revenue generated by the government through the various sources (internal and external) available to it. One of such sources is TAXATION.
Taxation being an important fiscal policy instrument at the disposal of government to mobilize revenue and promote economic growth development. Taxation is a mechanism through which the government seeks to realize some of its economic objectives. Taxation can be used to influence or direct the consumption pattern of citizens. It can be used to encourage or discourage investment in certain sectors of the economy. In this, the government can significantly reduce the number of ‘harmful and antisocial’ but not illegal economic activities. It can also be used to protect local and small businesses and reposition them to better compete with their bigger, foreign counterparts.
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Annual Returns Deadline Extended.
The Federal Inland Revenue Service (FIRS) has extended the filing date for
Companies Income Tax Returns for the 2022 Year of Assessment to August 31,
According to the FIRS, the extension is for companies who were unable to meet
up with the earlier deadline of June 30, 2022.
FIRS in a statement signed by its Executive Chairman, Muhammad Nami, noted
that it took the decision after receiving “numerous calls from companies for the
extension of time to submit the Companies Income Tax (CIT) returns for the 2022
year of assessment falling due on 30th June 2022.”
The release stated that as a measure of goodwill by the Service and in line with
relevant provisions of the Companies Income Tax Act, it had directed that all
Companies whose Companies Income Tax returns for 2022 Year Of Assessment,
that fall due between 30th June and 31st August 2022 (both days inclusive), were
given up to 31st August 2022 to submit their returns to the Service. It went further
to state that the extension is a one-off gesture by the Service for only the 2022 Year
of Assessment
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