Sample Essay Each organization has to work towards the achievement of certain goals and objectives.…
The lack of equality in the application of the taxing system has been a great problem in the country’s taxation system. In some cases, Nigeria’s hotel industry seems to face some controversy in the manner in which taxation is done. The lack of transparency in Nigeria’s taxation system continuous to illicit mixed reactions on the general outcome of the industry performances. Foreign investors have also been greatly been discouraged by the high lack of transparency in the country, and in the hotel industry in particular. It has also been clear that Nigeria does not boost high investor trust due to the high corruption rates that have continued to dominate the country.
Furthermore, the high levels of corruption in the country have even lead to new entrants into the hotel industry being discouraged and in some instance being pushed out of the market in totality (Jahn 2006). Tax in the West African country, especially the person and very individualistic income tax (PIT) has continued to perform poorly due to the lack of equitability. No suitable solution to the challenges being faced in the taxation system of Nigeria has so far been arrived at. The cost of running the hotel industry in Nigeria has continued to increase due to the lack of transparency in the industry and the unavailability of political will to fully fight the ill. Various nongovernmental organizations charged with the responsibility of enhancing transparency and equitability in the taxation systems in the country has also been failed. Such conditions have led to the relatively slow development of the hotel industry in the West African county of Nigeria.
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