THE TAX CLUB’S PROF. ABIOLA SANNI ESSAY CONTEST (2nd EDITION)
ABOUT THE COMPETITION
The Nigerian economy is a growing one, with heavy reliance on crude oil. However, due to the underperformance of the oil sector, the focus is being placed on other areas for the diversification of the economy. One of these areas is taxation. It is however sad that as at today, the Tax to GDP ratio is at 6.1%, one of the lowest in the world. This is as a result of poor tax laws and policies that do not adequately provide for present-day realities and poor tax administration. It goes to show that more can still be done in order to increase the contribution of taxation to the economy.
The world has become a global village. Faster means of transportation, e-commerce, online banking and the likes have made foreign participation easier. Foreign participation (in the economic sense) occurs when capital moves from one country to another. It can take the form of Foreign Direct Investment (FDI) and Foreign Protocol Investment (FPI). They take the form of investments in businesses, plating of subsidiaries, investment in shares and stocks and all they all boost the economy in their own different ways.
It is trite that a country needs some form of foreign participation in its economic sphere in order for it to grow exponentially. It is therefore not a coincidence that countries that attract Foreign participation have the best economies in the world. Singapore is one of the highest attractors of foreign participation in the world and this has significantly helped its economy. Other countries that enjoy a lot of foreign participation are Netherlands, Ireland, Australia and so on. It is worthy to note one thing these countries share in common and it is favourable tax conditions.
Nigeria can, therefore, borrow a leaf from these countries by making tax policies and laws that attract foreign participation.
Participants are therefore tasked with the duty of coming up with and suggesting ingenious ways in which taxation can be used as a means of aiding foreign participation in Nigeria, whilst citing relevant examples of countries that have done same.
- All students must be a University Undergraduate to participate in the essay contest.
- The competition is individualistic hence; no entry from a group of persons or Society is acceptable.
ESSAY CRITERIA & SUBMISSION PROCEDURE
All essays must comply with the following contest rules before submission:
- Only one essay must be submitted per student;
- The essay must reflect the contestant’s ability to explore and discuss ideas & concepts;
- The essay must demonstrate the conduct of thorough research.
- The essay must be 2000 words maximum for the first round and 3,500 words are the maximum word count for the second round.
- The essay must be 1.5 spaced, (12pt Times New Roman), and numbered pages with one-inch margins excluding the title page;
- Submitted essay must include a Title Page, and a form of identification issued by your school
- The student’s name, university, must be contained on the title page;
- The essay must contain footnotes (10pt Times New Roman);
- Entries must be submitted in Microsoft Word and PDF format;
- All entries for the first round must be submitted via e-mail to email@example.com by 11:59 p.m. (WAT) on July 21st, 2019.
- Further Questions should be directed to the Director of Research on 08179550112 or to firstname.lastname@example.org
Students are encouraged to avoid plagiarism as this will be penalized.