Electronic Taxation and Tax Compliance among Some Selected Fast Food Restaurants in Lagos State, Nigeria (Tax Payers Perspective) (Published)
This study assessed the effect of level of awareness on electronic tax on tax compliance by small and medium scale enterprises (SMEs) in Lagos state; it also examined the effect of perceived ease of use on tax compliance and determined the effect of electronic tax filing system cost on tax compliance among SMEs in Lagos state; This was done with a view to determine the effect of electronic tax filing system on tax compliance among SMEs in Lagos state Nigeria. The study employed the survey research design. Data were collected from primary sources through the use of structured questionnaire distributed to the SMEs at their place of work. The population of the study consist of nine hundred and fifty (950) small and medium scale enterprises in Lagos state in the fast food restaurants sub sector. A sample size of two hundred and eighty-one was selected using the Taro Yamane formula. Data collected were analysed using descriptive statistics, structural equation model analysis and regression. Analysis of the study revealed that level of awareness (LOA) showed significant positive relationship with tax compliance (β= 0.276; t=2.689; p=0.008). It was also revealed that perceived ease of use (PEU) (β = 0.249; t= 2.331; p= 0.022) has a positive effect on tax compliance but was statically non-significant. The tax compliance cost (TCC) (β=-0.289; t= -2.568; p=0.012) showed a non-significant negative effect on tax compliance. The study therefore concludes that the level at which the tax payers are aware of the electronic tax filing system will determine their compliance rate and the compliance cost may discourage the tax payers from using the system if it is higher. Although the effect of ease of use is non-significant, the positive effect it has indicates that it has the potential to influence tax compliance. The study therefore recommends that government should increase its tax awareness efforts; review the electronic tax filing system to reduce cost of usage and provide a user friendly avenue for using the system.
Keywords: Perceived Ease of Use, Small and Medium Scale enterprises., Tax Compliance, electronic tax, electronic tax filing system cost, level of awareness
Accounting Information Systems and Small/Medium Scale Enterprises (SMEs) Performance (Published)
The importance of accounting information system in any organisation, especially the small and medium scale enterprises cannot be over emphasised. The accounting information systems employed by SMEs are very crucial to their performances. Due to lack of accounting information, SMEs however, make wrong decisions. In light of this problem, this study sought to determine the effect of accounting system on the performances of SMEs in Nigeria. The population of this study consists of the Small and Medium scale Enterprises (SMEs) in Festac – Town, Lagos. Data were extracted from 154 questionnaires administered with 80% retrieval success. The hypotheses were formulated and tested using regression analysis at 5 per cent level of significance (0.05).The data were analysed and interpreted using both descriptive and inferential statistics. The study found accounting information system having a significant positive effect on SMEs performance. In conclusion, accounting information systems employed by the managers/owners of SMEs were found to have contributed positively to their decisions and performances. We therefore recommended that users of accounting information should take cognizance of the quality of accounting information systems provided so as to aid their performance.
Keywords: Accounting information system. Decision making, Performance, Small and Medium Scale enterprises.
Commercial Banks Role in Financing Small Scale Industries in Nigeria (A Study Of First Bank Plc. Ado-Ekiti, Ekiti State) (Published)
The research study examines the role of commercial banks in financing small scale enterprises in Ado Ekiti, Ekiti State. The primary purpose of the study is to examine how SMEs can be developed through the intervention of the banking sector. Descriptive research design was adopted. The population of the study is the entire SMEs in Ekiti state and United Bank for Africa (UBA). Questionnaires were used as an instrument of primary data collection. Purposive sampling technique was used to select the sample; correlation analysis was employed using chi-square. Findings revealed that there is a positive correlation between loans grants by banks and the growth and development of SMEs in Ekiti State also, that SMEs cannot be concentrated in Ekiti State if they are not effectively financed due to the relationship that exists between the banks and SMEs. It was recommended that guidelines/schemes by commercial banks to finance SMEs needs to be flexible to accommodate the small and medium scale entrepreneurs.
Keywords: Commercial Banks, Indigenization Decree, Industrial Development Centre, Small and Medium Scale enterprises., Small-scale industry, Sole Proprietorship
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) FOR SMES ADOPTION PROCESS IN NIGERIA (Published)
This paper studies the readiness of small and medium scale enterprises (SME) in Lagos State, Nigeria for the adoption of International Financial Reporting Standards (IFRS) and the likely challenges that may be encountered in the adoption process. The work employed a descriptive survey design and data were collected from primary source. Findings show that a major factor why IFRSs would be adopted by Nigeria is because other countries have adopted them. Again results show that the IFRS for SMEs adoption process is currently confronted with diverse challenges that may prevent the effective adoption and implementation of IFRS for SMEs in Nigeria in 2014 if they are not addressed with promptness. This study recommends that the curriculum of both secondary schools and tertiary institutions should be restructured in order to be IFRS compliant and the cost of acquiring IFRS education should also be subsidized especially for small firms by major accounting regulatory bodies in Nigeria
Keywords: Adoption Process, International Financial Reporting Standards, Small and Medium Scale enterprises.