PERSONAL INCOME TAX PROBLEMS, PROSPECT AND CONTRIBUTIONS TO THE ECONOMIC DEVELOPMENT OF LAGOS STATE (A STUDY OF LAGOS STATE BOARD OF INLAND REVENUE SERVICE)
Abstract
The study examined personal income tax problems, prospect and contribution to the economic development of Lagos State using Lagos State Board Inland Revenue Service. This research work adopted survey research method and it made use of primary sources to gather needed data for the study. Questionnaire was used to gathered primary data from Lagos State Board Inland Revenue Service. The data retrieved were analyzed using simple percentage table and hypothesis was tested using OLS via Statistical Package for Social Science (SPSS). The study concluded that, effective administration of personal income tax has a significant impact on the economic development of Lagos State and the study recommended that The state government simplifies tax laws and procedures, implements taxpayer education programs, and leverages technology to modernize tax administration also additionally, introducing incentives for tax compliance, ensuring transparency and accountability in revenue utilization, and regularly reviewing tax policies can enhance revenue generation and promote economic development.
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