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Globalization and the Precarious State of Public Finance in Nigeria

Fakile , A. S. and ADEGBIE, F. F. (2012) Globalization and the Precarious State of Public Finance in Nigeria. Journal of Emerging Trends in Economics and Management Sciences, 3 (4). pp. 361-366. ISSN 2141-7024

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Abstract

As globalization eviscerates national borders, governments in both developed and developing countries are discovering that their tax base is eroding, especially their ability to tax the proceeds and profits from corporate investment and finance Domestic revenue mobilization is key to sustainable development finance – only selfsufficiency will allow the development of fully-functioning states with flourishing systems of political representation and economies reflecting societies’ expressed preferences in regard to, for example, inequality. The significant of this paper therefore is that it will enable the revenue authority take necessary steps to prevent tax avoidance and tax evasion so as to increase the level of domestic revenue for development. It concluded that claims of corporate social responsibility are undermined when low corporate tax payments are exposed and a process of tax competition at the global level undermines the social contract previously set within the national arena, as states compete to offer tax exemption to capital. The paper suggested that with effective tax administration, adequate taxation of transnational corporations, tax compliance as part of corporate accountability, international tax cooperation, fight against bribery and corruption, arm length international trade negotiations and reduction in military expenditure, the problems are more likely to be solved.

Item Type: Article
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mr Solomon Bayoko
Date Deposited: 17 Oct 2013 08:11
Last Modified: 17 Oct 2013 08:11
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/1658

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