Partnership Income Tax on Social and Economic Development in Nigeria

Abstract

This research work examines the partnership income tax on social and economic development in Nigeria. The objective of the study was to examine how partnership income tax revenue contributes to social and economic development in Nigeria. Secondary data are obtained from relevant literatures such as Central Bank of Nigeria Statistical Bulletin and National Bureau of Statistics publications. Data were tested using the Ordinary Least Square Linear Regression model. Findings show that, partnership Income Tax Revenue is making a unique significant contribution to the social and economic development in Nigeria and composition of the GDP. It is concluded that the results affirmed a rise in the income tax from partnership firms leads to an increase in social and economic development in Nigeria. It is recommended that government should ensure effective utilization of the income accrued taxation to encourage continuity in tax payment by the tax payers.

Keywords: Economic Development, Gross Domestic Products, Partnership, Partnership Income Tax, Personal Income Tax, Social Development

DOI: 10.7176/RJFA/10-6-03

Publication date:March 31^st 2019