Browsing by Author "Olokooba S.M and AKINTOYE O.D"

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    FEDERAL INLAND REVENUE SERVICE'S INFORMATION POWER VIS-A-VIS BANKS SECRECY REGULATIONS IN NIGERIA: A CRITIQUE
    (EKITI STATE UNIVERSITY, AD0-EKITI, 2015) Olokooba S.M and AKINTOYE O.D
    The thrust of this paper is a critique of the Federal inland Revenue Service's right to classified information on bank customers' Via-a-vis bank secrecy regulations. in doings this, the paper examines different categories of Federal Inland Revenue Service's information and investigation powers, taxpayer's right to notices and the issues of professional privilege in banker/customer relationship. the paper critically examines, whether, seeking protection under the professional privilege could avail or protect the bankers just like the legal practitioner from divulging client information to FIRS. the finding of the paper reveals that, unlike the legal practitioners, the banker cannot avail himself this protection. however, in order to guarantee taxpayers right to notices, freedom of expression as well as right to privacy, apart from the amendment of section 26(2) Federal Inland Revenue Service Act and 47(5) Personal Income Tax Act, the paper also recommends that the taxpayer should be allowed to have access to a copy of the third party notice so as to know the information sought on them by FIRS and to be able to defend themselves.
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    TAX EDUCATION AND MOBILISATION: A MEANS TO SUSTAINABLE DEVELOPMENT IN NIGERIA
    (A PUBLICATION OF FACULTY OF LAW, UNIVERSITY OF ILORIN, 2012-02-28) Olokooba S.M and AKINTOYE O.D
    Introduction There are numerous ways by which government generate revenue to execute project for the benefit of the populace. One of the major ways and means by which this is done is through tax. In Nigeria, government has legislative powers to impose any form of tax at whatever rate it deems appropriate on its citizens. The essence and impact of taxation on any economy be it developed or developing cannot be over-emphasized. A country’s tax system is one of the key instruments for shaping and transforming the economic development of the country. Tax is a compulsory exaction of money by the government for public purposes. It is not a voluntary payment but and enforced contribution exacted pursuant to legislative authority. considering this definition on the face value, one tends to have the impression that tax is only characterized with compulsion or that it is a contribution demanded only with menaces. Truly, this impression cannot be outrightly incorrect for the reason that tax law, like every law, is designed to bring about certain desired conduct through the threat of punishment for contrary conduct. This justifies why tax authorities possess comprehensive and forceful power to enforce and recover income tax in Nigeria such as powers to levy distress, conduct search and seizure and to prosecute tax delinquencies. But suffice to say that coercive order alone cannot guarantee compliance with tax laws and consequently may not enhance adequate revenue generation. Rather, tax payers’ education and constant public enlightenment are capable of changing the tax orientation of Nigerians if integrated as complements to enforcement instruments. However, Nigeria government, over the years, pays little attention to tax payers’ education and mobilization. As a matter of fact, if Nigeria is seriously committed to genuine pursuit of sustainable development, it is incumbent on the tax authorities to constantly educate tax payers on the relevant aspects of the Nigerian tax system in order to stimulate and mobilize them to discharge their civic obligations in a well-mannered way without external push from the tax authorities to compel them to do so. This is predicated on the fact that once the tax payers are sufficiently educated and enlightened, the cost of administration and, by extension, the huge revenue loss will be considerably reduced. This key component is hitherto missing in the Nigeria tax system to complement the enforcement instruments prescribed by the various tax laws. This paper analyzes the legal framework for tax education and mobilization with the ultimate aim of finding out its roles and the extent it can promote tax administration and sustainable development in Nigeria.