Rentier State Syndrome: Does Oil-rentierism Impede Taxation in Nigeria? | Chapter 8 | An Overview on Business, Management and Economics Research Vol. 4

 Rentier states usually depend on external capital from the extraction and demand of important natural resources under the total control of administration, run by a ruling elite group. Amassed resources is transferred to the populace in consideration of the society’s refrain from gettv political power. A rentier state's basic responsibility is then ‘wealth distribution’ alternatively ‘wealth invention’ from the populace through any somewhat taxation. Based on the above narrative, the study aims to try the rentier state syndrome in Nigeria and by virtue of what it affects tax revenue, that is largely established non-oil sector happening. The study established that overreliance on lubricate rents over the years has adversely stirred tax revenues, and consequently approximate government revenue in Nigeria. It more revealed that recent financial disruptions in the global lubricate market and oil subdivision mismanagement have overwhelmed the financial and economic benefits of lubricate in the country. The study identified tactics measures such as economic variety, tax-code corrects, improved tax transparency and orderly review of tax expenditure, to switch the tax campaign and improve tax revenues in Nigeria.

Author(s) Details:

Andrew Aondohemba Chenge,
Department of Public Administration, Federal University Wukari, Nigeria.

Grace Oluseyi Oshinfowokan,
National Institute for Policy and Strategic Studies, Kuru, Jos, Plateau State, Nigeria.

Please see the link here: https://stm.bookpi.org/AOBMER-V4/article/view/12345

Economic Crises, Liberal Fiscal Policies, and Modern Monetary Policy | Chapter 1 | Current Aspects in Business, Economics and Finance Vol. 4

 This article addresses the most recent economic crises, including the global financial crisis and the many-sided coronavirus crisis, as well as the public measures put in place to lessen the effects of the downturn and boost economic growth. Since December 2008, the current target rate (monetary policy) has been set at zero in order to encourage investment, growth, and employment. This new experimental, modern monetary policy (quantitative easing, among other new measures). The abandonment of fiscal policy, the current tax structure in the United States, which lowers disposable income and causes savings to turn negative (dissaving or borrowing), as well as high inflation, which has caused real deposit rates to turn negative, have all contributed to the slow expansion of output and ongoing true unemployment. The COVID-19 issue is a protracted one that has been preserved for political gain, and it appears that people will continue to suffer through it until a new crisis is "created" by the "experts." The national debt and budget deficits have increased dramatically as a result of the policies put in place and the light tax burden placed on businesses. Because of their large debt and low income, people borrow the present value of their uncertain future wealth, which elevates the risk and pushes up the interest rate on loans, notably credit cards. To lower the national debt, the government must increase corporate taxes, minimise unnecessary expenditure (such on the military, national security, and wastes), reduce inefficiencies, and combat corruption (infrastructures). Public policies must be combined in order to prevent crises, increase growth and employment first, then reduce inflation and maintain moderate interest rates (fiscal and monetary). To promote social welfare, fairness, equity, and justice as well as to help the society's 90% middle class, which has been neglected, the current unbalanced monetary policy and tax structure must be altered and made to function optimally. Due to low disposable income, rising unemployment, and unfavourable monetary policy, the middle class cannot be harassed, controlled, or forced to labour merely to pay taxes and interest on its debt (redistribution of its wealth to the government and banks). The decline of the middle class will have a detrimental impact on the nation's whole socioeconomic system and pose a threat to its survival.

Author(s) Details:

Ioannis N. Kallianiotis,
Economics / Finance Department, The Arthur J. Kania School of Management, University of Scranton, Scranton, PA 18510-4602, United States.

Please see the link here: https://stm.bookpi.org/CABEF-V4/article/view/8285

Public Finance and Taxation in Kenya: Tools and Theories at the Service of Citizens | Book Publisher International

 Public finance is an economic activity in which financial resources are used to meet public policy objectives. To maximise its citizens' social, political, and economic welfare, the government raises revenue and spends it on public goods and services. Apart from ensuring price stability, public finance plays a critical role in supporting economic growth in emerging countries. PEM (Public Expenditure Management) is a procedure that helps governments to be fiscally responsible (spend only what they can afford), spend wisely, and maximise limited public resources. Parliament's function in public finance is that of a watchdog. Parliament passes legislation that gives ministers the authority to carry out their policies. To provide transparent financial management and standard financial reporting, design and prescribe an effective financial management system for national and county governments. Kenya's tax system is complex, encompassing income taxes, value-added taxes, and customs and excise duties. These are governed by separate laws that regulate the charging, assessment, and collection of the applicable taxes.

Author(s) Details

John O. Messo Raude
Managing Partner, Messo and Associates, Certified Public Accountant, Kenya.

View Book:- https://stm.bookpi.org/PFTKTTSC/article/view/6431

Assessing the Effectiveness of the Tax System in Ghana as a Tool for Economic Development: A Recent Study | Chapter 8 | Modern Perspectives in Economics, Business and Management Vol. 8

 The Ghanaian economy's primary source of revenue is taxation. Taxation is defined as the collection of mandatory contributions by public authorities with tax jurisdiction in order to cover the costs of their operations. The researcher wants to see how effective it is in terms of the country's economic development. He also examines Ghana's tax collection system. According to the study, Ghana's tax income to Gross Domestic Product (GDP) ratio was 14.56 percent from 1990 to 2016. This is deemed insufficient to make a significant contribution to the country's fortunes. The informal sector, which accounts for 70% of the country's output, is home to the majority of tax evaders. Despite its enormous size, the informal sector only contributes 16.7% of total tax revenue. The researcher also compares Ghana's direct and indirect taxes, as well as their apparent impact on people's socioeconomic lives. The analysis shows that the government is overly reliant on indirect taxes, to the cost of the underprivileged in society, thereby undermining the taxation canon of equality.

Author (S) Details

Dickson Akoto
Radford University College, Accra, Ghana, P.O.Box AF 419, Adenta, Accra, Ghana.

View Book :- https://stm.bookpi.org/MPEBM-V8/article/view/3652

Exquisite Economics: In Its Simplicity | Book Publisher International

 Cooperation is at the heart of economics. Coercion is at the heart of government. No country has ever managed to achieve a harmonious equilibrium between these opposing domains of influence. Economics has more fallacies than any other field of study, and they all stem from the same root cause: a focus on the immediate benefits of a policy to a single group (a) to the exclusion of other groups, and (b) in ignorance of the long-term ramifications for the economy as a whole. The government does not have its own funds. It can only give to part of the people it takes from. Government can only benefit certain people by harming everyone else.

Author(s) Detalis

David Rowland
Independent Researcher, Canada.

View Book:- https://stm.bookpi.org/EES/article/view/2745