1.1BACKGROUND OF THE STUDY
The overriding objective of self assessment function is to ensure that all taxpayers, within a defined tax jurisdiction, are brought into the tax net and assessed correctly in order to block all possible leakages. Generally, taxpayers are categorized according to the legal status of their businesses. In this research work we are interested in Corporate Entities/Public Companies which are limited liability companies or public companies registered with profit - motive in mind. Their tax affairs are being handled by the Federal Taxing Authority .Assessment function in an Integrated tax System (ITO)or Large Tax Office (LTO)which is agreed to include filing and assessment duties with respect to all taxes being collected by that office -among which are: PPT, CI T, VAT,. W H T, CGT etc. The Nigerian Tax System has undergone significant changes in recent times. The Tax Laws are being reviewed with the aim of repelling obsolete provisions and simplifying the main ones. Under current Nigerian law, taxation is enforced by the 3 tiers of Government, i.e. Federal, State, and Local Government with each having its sphere clearly spelt out in the Taxes and Levies (approved list for Collection) Decree, 1998. Of importance at this juncture however are tax collections pertaining to the Federal Government. Companies Income Tax
This Tax is payable for each year of assessment of the profits of any company at a rate of 30%. These include profits accruing in, derived from brought into or received from a trade, business or investment. Also companies paying dividends to its shareholders are first obliged to pay tax on its profits at the companies tax rate. Generally, in Nigeria Company dividends or other company distribution whether or not of a capital nature made by a Nigerian is liable to tax at source of 10%. However dividends paid in the form of bonus share or scrip shares to...