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Revenue accrues to the government through diverse sources which include the following: foreign aid and Humanitarian Grants. Income from Government’s direct investments in commercial ventures, Bilateral and International trade and Taxation.

Taxation may not be the most important source of revenue to the government in terms of the magnitude of revenue derivable from it. However, it is the most important source of revenue to the government, from the point of view of certainty and consistency. Taxation therefore, is the compulsory levy by the Government through its various agencies on the incomes, capital or consumption of its subjects. These levies are made on personal income such as salaries, business profits, interests, dividends, commissions, royalties or rent. It may also be levied on capital gains and petroleum profits.

Every tax imposed on an organization needs continual interpretation of its specific applicability and effect on the various transactions of the organization. The fields of taxation changes everyday as new court rulings are announced, and as laws are made. Every business organization must therefore, be alert to such changes.

Since its inception, taxation of corporate income has been a pervasive force tending to influence the economic decisions of business entities. On the part of the government, there have been tougher economic measures in order to control the adverse economic condition of the country. Among such measures are tax rules which are designed to increase revenues and accomplish other economic goals, but invariably; these rules having a significant impact on business and investment decisions. In other words, any rational decision should be on after tax consideration.

However, income tax rules and regulations are such that informed investors can reduce the amount of their tax liability through various proper and timely actions. It is therefore, the researcher’s aspiration to find out ways of breaking through these constraints facing business organizations in order that they may realize their objectives.


Depending on the nature of tax, taxation may have either a negative or positive effect on the individual and the organization at large. With a high marginal rate of tax, in excess of 50%, tax will be a deceptive to work; while a low marginal rate of tax will be an incentive to work. The value added tax is an incentive to save, while tax levied on interest earned on bank deposits is a deceptive to save.

Taxation may lead to a distortion in the consumption pattern of the society especially if it is indirect tax. For instance, high import duty imposed on certain classes of goods will lead to a shift away from the consumption of such goods to other goods with low import duty.

Also as a tool for government economic policy, it may be used to achieve the following objectives: the redistribution of wealth, to effect changes in the country’s balance of payments with other countries, to effect the mobilization of economic resources, to influence the level of economic activities and to combat inflation. The problem now is that many organizations do not know the effects of taxation and as such do not consider the effects on their investment decisions. More so, are there commensurate services for the tax paid.


The purpose of this research includes the following:

[i]       To find out how tax rules affect certain specified and important management decisions.

[ii]      To explore all relevant sources available for tapping usable information.

[iii]     To provide some knowledge into the operations of investors in Anambra state for the sole purpose of making effective investment decisions as to lessen the burden of taxation within the confines of the law.


In order to find answers to the questions raised in the statement of problem, the following hypotheses are necessary:

Hypothesis 1:

Ho1: Tax consideration does not have significant effect on investment decisions.

H11:  Tax consideration has significant effect on investment decisions.


Hypothesis 2:

Ho2   Tax consideration does not lead to sound business planning and control and therefore, increased profitability.

Ho2   Tax consideration lead to sound business planning and control and therefore, increased profitability.


It has been observed that most businesses in Nigeria do not take into consideration the effect of taxation on their portfolio selection, and this has been partly responsible for the low investment levels in such organizations. The research study is therefore, necessitated by the need for business organizations to be aware of the manner in which taxation rules affect their decision.

Good management requires that the transaction of a business should be planned in a manner that minimizes the amount paid as tax when tendering a report for tax purposes. The management should deploy those tax planning methods which will enable them reduce their tax liabilities.

Thus the significance of this study lies in the need for taxation to be properly planned and optimally utilized for the achievement of organizational goals.



Investment decision involves the best combination of assets portfolio to select and it runs through the whole life and operations of the business.

Taxation in the context of this study includes mainly company income tax; however, such taxes like capital gain tax, partnership tax will be mentioned where necessary. It is worthy to note that the scope of this study will be restricted to Anambra state, the town of our case study.


          A research of this nature cannot be carried out without difficulties in the process.

TIME:  Time constraint is one of the factors that confronted the researcher.       The approval of the topic was at the middle of the first semester. Within the period the project was written, the researcher was running around from one company to the other searching for information while lectures and other academic program were going on.

Respondents:  The nature of the topic of this research work imposes some other problems. Taxation being a sensitive matter does not attract the cooperation of the company’s employees.


Even when the researcher got approval from top management, obtaining the necessary information from the departments needed for the study became a major problem.

In effect, the researcher took time explaining the basic objective of the research study before they accepted to complete the questionnaire.


For the purpose of clarity and systematic presentation, this research work has been planned under five chapters.

Chapter one introduces the topic under study by stating the statement of problem, purpose of the study, research hypotheses, scope and limitation of the study and its organization.

Chapter two deals with related literature review. This involves an exposition of the key variables involved in the research and their inter-relationship.

Chapter three deals with the historical background of case study companies.

Chapter four dwells on research methodology. It contains sample selection, research designs, sample design and method of data analysis.