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| Impact of Tax Incentive on Industrial Growth and Development |
Ibraheem, Abdullahi Aderemi, Olaitan, Wasiu Abiodun, Oyetola, Daud Olawale, Omoniyi, Oyelowo Oyetade, Amolegbe, Sikiru Adesola
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Abstract:
This study examined the impact of the tax incentives on industrial growth and development with case study of selected taxpayers in the Osun State, Nigeria. Primary data was used in this research work and a total number of one hundred and twenty (120) questionnaires were administered to selected taxpayers working in various firms, enterprises, small and medium scale businesses and industries (Kasmo Soap Limited, Abiola Electrical, Sam Ace Pharmaceutical, Nigerian breweries Ilesha, Ergo Multi Venture Nigeria Limited and Newland and Smith Nigeria Limited) in Osun State and a total number of the same quantities of administered questionnaires were retrieved from respondents. Frequency distribution and chi-square were used in the analysis of data and hypotheses testing respectively. The formulated hypotheses were tested by using the chi-square (X2) method. The findings discovered that the tax incentives beneficiaries develop better than non-beneficiaries industries. It was observed that tax incentives granted by the government to industries and firms are economic booster and enhancer while it can also be used to Proffer Solution to Challenges that Investors may encounter . Finally, recommendations were made as regards the variables which enhanced tax incentives towards industrial development and economic growth because Tax incentives create employment opportunities for the people and it helps to fight economic depression and inflation thereby increasing the equitable distribution of income and wealth. It was also discovered that tax incentives do significantly affect the profitability, staff strength and the growth and development of small scale industries positively. Also it is recommended that tax incentives should be effectively implemented and efforts should be made by relevant tax authority to ensure that firms benefit from these incentives
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