TAXATION

A tax is a compulsory levy paid by individuals and firm to the government.

USES/PURPOSES OF TAXATION

1. To raise revenue for the provision of essential services.
2. To counter/control inflationary period.
3. To control the production and consumption of particular goods services.
4. To stimulate domestic production of certain goods and to protect young home industries.
5. For redistribution of income.
6. To correct a balance of government deficit.