The Nature And Extent Of The Threat Posed By Personal Income Tax Generation To The Socio-economic Development Of The Nation

1.1 INTRODUCATION:Generation of tax revenue from the private sector, especially from the self-employed people has always posed a problem. Millions of Naira has been lost due to prevalence of tax evasion and avoidance among the self-employed people. Consequently, taxation cannot be used as a major instrument for revenue generation and key to sustainable economic development, because this hinders the realization of  fiscal objectives.Every year billions of naira are lost because of tax evasion and avoidance by the self-employed people (Ndulu,2003). Both the federal and state government have…