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1
Ewa, Uket E., Wasiu A. Adesola, and Etim N. Essien. "Impact of Tax Revenue on Economic Development in Nigeria." International Business Research 13, no. 6 (2020): 1. http://dx.doi.org/10.5539/ibr.v13n6p1.
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There has been conflicting preposition as to the extent of tax contribution to the development of Nigerian economy. This study is to determine the impact of taxation proceeds on the development of Nigerian economy. The study explored the impact of three tax income streams – Income tax from companies’ profits, income tax from petroleum companies profits  and Value Added Tax on economic development represented by Gross Domestic Product (at current basic prices) growth for the period 1994 to 2018. The study applied Ordinary Least Square statistical tool with the help of SPSS 20.0. The study revealed a positive relationship with a coefficient of determination of 99.2% of the variation in economic development attributable to the tax income streams studied. Also although the study revealed the existence of significant effect of taxes from companies’ profits and Value Added Tax on Gross Domestic Product Growth, there is little or no significant impact of taxes on profits of Petroleum companies on Gross Domestic Product growth in Nigeria due to restriction by Organization of Petroleum Exporting Countries production ceiling on Nigeria’s production/sales and the global price shocks of crude oil over the decade. Also the study revealed tax payers apathy to tax payment and presence of tax leakages due to corruption and administrative inefficiencies by the tax authorities.
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Ikechukwu, OKOH Francis, EDO Onome Christopher, AKHIGBODEMHE Emmanuel Justice, and EDEOGHON Innocent Osaremen. "Direct Taxes and Income Redistribution in Nigeria." GATR Global Journal of Business Social Sciences Review 9, no. 2 (2021): 182–96. http://dx.doi.org/10.35609/gjbssr.2021.9.2(8).
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Introduction - Income redistribution is central to the development of any nation. However, the issue of generating income and its redistribution in Nigeria has been challenging overtime, with the nation depending largely on oil with little consideration on other sources of income. Also, insufficient tax resources, tax collectors' illicit activities and a lack of awareness of the value of paying tax by taxpayers are some of the problems facing the country in terms of tax revenue generation. Objective - Our study therefore investigated the impact of direct taxes on income redistribution in the context of Nigeria, using company income tax, personal income tax, petroleum profit tax and education tax as direct tax variables. Methodology/Technique - The study covered the period 1990 to 2019 using annualized data set from Federal Inland Revenue Service (FIRS) and Central Bank of Nigeria Statistical Bulletin. The study employed the Fully Modified Least Squares (FMOLS) to analyze the data. Research Findings - Empirical results of our study revealed that, company income tax and education tax had insignificant negative effects on income redistribution, while personal income tax and petroleum profit tax had significant positive effects on income redistribution, thus reducing income inequality in the context of Nigeria. Recommendations - We thus recommended "inter alia" that, revenue generated from taxes should be effectively used by government in providing quality infrastructures like schools, railway, healthcare facilities and other business outfits across various states for the general wellbeing of the citizens as this is hoped to close the income distribution gap between the rich and the less privileged in the country. Type of Paper - Empirical. Keywords: Income redistribution; direct taxes; government expenditure on infrastructural goods; Fully Modified Least Squares (FMOLS), Nigeria; Income Inequality. JEL Classification: E21; E42; E62; O23 URI: http://gatrenterprise.com/GATRJournals/GJBSSR/vol9.2_8.html DOI: https://doi.org/10.35609/gjbssr.2021.9.2(8) Pages 182 – 196
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Anyaduba, John Obiora, and Praise Oghenefejiro Otulugbu. "Taxation and Income Inequality in Nigeria." Accounting and Finance Research 8, no. 3 (2019): 118. http://dx.doi.org/10.5430/afr.v8n3p118.
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The study examined taxation and income inequality (GINI), specifically, it determined the impact of Value Added Tax (VAT), Custom and Excise Duties (CED), Petroleum Profit Tax (PPT) and Company Income Tax (CIT) on GINI in Nigeria from the year 1990 to 2016. The Cointegration and Error Correction Models (ECMs) were used to analyze the data. Augmented Dickey Fuller unit root was used to test for stationarity. Data were sourced from the Central Bank of Nigerian statistical bulletin, Federal Inland Revenue Service and the National Bureau of Statistics. The result revealed that VAT, CED and PPT had positive relationship with GINI when measured at 5% critical level, though VAT and CED were not significant. CIT had a negative but significant impact on GINI. Based on the findings, we conclude that only CIT was able to reduce income inequality. We therefore recommend that VAT should be imposed on goods and services consumed by high income earners. In respect of CED, government should address the level of tariffs; for PPT, there is need for adequate diversification of the economy; and for CIT, tax authority should harness corporate taxes to its fullness.
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Elegido, J. M. "Void Assessments to Income Tax in Nigeria." Journal of African Law 32, no. 1 (1988): 44–63. http://dx.doi.org/10.1017/s0021855300010214.
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Many Nigerian decisions in tax cases have firmly established the possibility of raising the defence of lack of jurisdiction in the assessment in an action for recovery of tax. This development has resulted from decisions of the courts and has led to a significant shift from the practice in the U.K. There— aside from the possibility of applying in rather exceptional cases for judicial review—the consideration of any issues, whether of fact or of law, as to the merits of an assessment is confined to appeals before the Commissioners with further appeal to the High Court on points of law. This apparently technical difference has had great practical importance. Recourse to the courts for the purpose of tax recovery has become more difficult for the Revenue and this has encouraged the development of extra-judicial methods of tax collection.A study of those Nigerian decisions that have established, extended and applied this doctrine, and of its consequences, should be of interest in other anglophone African countries. The income tax statutes of many such countries are basically similar due to their common descent from a “Model Ordinance” prepared in the U.K. in 1922. Decisions of the Nigerian Courts on the construction of provisions of the Nigerian tax statutes are of persuasive authority in other Commonwealth countries with similar provisions in their own tax enactments.This paper first provides a broad outline of the Nigerian legislation on tax assessments, appeals and collection in order to facilitate the understanding of the points discussed later.
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Nwidobie, Barine Michael. "Income inequality and tax evasion in Nigeria." International Journal of Critical Accounting 12, no. 3 (2021): 206. http://dx.doi.org/10.1504/ijca.2021.116345.
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Nwidobie, Barine Michael. "Income inequality and tax evasion in Nigeria." International Journal of Critical Accounting 12, no. 3 (2021): 1. http://dx.doi.org/10.1504/ijca.2021.10038401.
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Areo, Oluwafadekemi S., and Obindah Gershon. "Personal Income Tax Compliance in Nigeria: A Generalised Ordered Logistic Regression." Research in World Economy 11, no. 3 (2020): 261. http://dx.doi.org/10.5430/rwe.v11n3p261.
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This paper builds on already existing theoretical and empirical research on the economic and psychological factors used in explaining tax compliance. The likelihood that personal income taxpayers in Nigeria will be tax non-compliant, low tax compliant or tax compliant for either economic or psychological factors and a combination of both factors are evaluated using the Generalised ordered logistic regression. The findings in this paper provide extra information on the mixed results that have been obtained by empirical research on the subject matter of tax compliance by revealing how economic and psychological factors have different likelihood values for individuals to fall into the tax compliant category. This paper recommends that a proper analysis of the peculiar traits of the Nigerian tax system be conducted before decisions are made on either of the economic or psychological factors to be employed, to move personal income taxpayers to the tax compliant category.
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Onoja Eneche, Emmanuel, and Ibrahim Ademu Stephen. "Tax Revenue and Nigeria Economic Growth." European Journal of Social Sciences 3, no. 1 (2020): 30. http://dx.doi.org/10.26417/ejss-2020.v3i1-81.
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This study examines the relationship between Tax Revenue and Nigeria Economic Growth. In order to achieve this objective, data was gathered through secondary means. Tax Revenue is proxy by Petroleum Profit Tax, Value Added Tax and Companies Income Tax, while Economic Growth is proxy by Gross Domestic Product. Data collected were analyzed with the aid of the Stata computer software. The study revealed that Petroleum Profit Tax (oil tax revenue) has a positive but no significant relationship with Nigeria Economic Growth, while Value Added Tax and Companies Income Tax (non-oil Tax Revenue) have significant relationship with Nigeria Economic Growth. The study recommends that government should minimize the wide spread corruption and leakages prevalent in tax administration in Nigeria, and transparently and judiciously account for tax revenue generated through the provision of more quality public goods and services, and need not to increase the rates of Value Added Tax and Companies Income Tax in the short run, but to closely monitor the operations of companies engaged in petroleum operations to minimize tax evasion, and as well as support the development of entrepreneurial activities in order to significantly increase Tax Revenue so as to sustain the significant relationship of VAT and CIT (non-oil tax) revenue with Nigeria Economic Growth.
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Onoja Eneche, Emmanuel, and Ibrahim Ademu Stephen. "Tax Revenue and Nigeria Economic Growth." European Journal of Social Sciences 3, no. 1 (2020): 30. http://dx.doi.org/10.26417/ejss.v3i1.p30-44.
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This study examines the relationship between Tax Revenue and Nigeria Economic Growth. In order to achieve this objective, data was gathered through secondary means. Tax Revenue is proxy by Petroleum Profit Tax, Value Added Tax and Companies Income Tax, while Economic Growth is proxy by Gross Domestic Product. Data collected were analyzed with the aid of the Stata computer software. The study revealed that Petroleum Profit Tax (oil tax revenue) has a positive but no significant relationship with Nigeria Economic Growth, while Value Added Tax and Companies Income Tax (non-oil Tax Revenue) have significant relationship with Nigeria Economic Growth. The study recommends that government should minimize the wide spread corruption and leakages prevalent in tax administration in Nigeria, and transparently and judiciously account for tax revenue generated through the provision of more quality public goods and services, and need not to increase the rates of Value Added Tax and Companies Income Tax in the short run, but to closely monitor the operations of companies engaged in petroleum operations to minimize tax evasion, and as well as support the development of entrepreneurial activities in order to significantly increase Tax Revenue so as to sustain the significant relationship of VAT and CIT (non-oil tax) revenue with Nigeria Economic Growth.
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O.T, Ebiringa,, and Emeh Yadirichukwu. "Analysis of Tax Formation and Impact on Economic Growth in Nigeria." International Journal of Accounting and Financial Reporting 2, no. 2 (2012): 367. http://dx.doi.org/10.5296/ijafr.v2i2.3013.
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As a fiscal instrument, direct taxes are used to adjust people’s disposable income and to reduce the parameter of unearned incomes. At the macroeconomic level, taxes are used to redistribute income and therefore contribute to the economic growth of the country. This paper examines the empirical forms of tax on the economic growth in Nigeria. Secondary data were sourced within the periods of 1985-2011 and Model was specified and estimated using some econometric. The result showed that the determinant factor of economic growth in the country through tax, only custom and exercise duties is capable of influencing but has an inverse relationship and significant to the GDP. It is observed that economic instability were experienced between 1986-1987 and 1993 to 1995 but evident in the stability in the economic growth from the graph in the rest of the years of the study around bench mark value of zero line of the GDP predicted graph based on tax generations in Nigeria. The study therefore recommended that the company income tax system should be generally restructured to bring about more yielded revenue results capable of contributing more significantly to the Nigerian economic as it is done in the advanced countries of the world. Custom service operations and revenue generations in the border is not practically reflected in the economy due to no accountability, transparency and leakages in the system.
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Obaretin, Osasu, Sadiq Oshoke Akhor, and Osahon Emmanuel Oseghale. "Taxation an Effective Tool for Income Re-Distribution in Nigeria." Mediterranean Journal of Social Sciences 8, no. 4 (2017): 187–96. http://dx.doi.org/10.1515/mjss-2017-0017.
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AbstractThis paper focused on taxation as a tool for effective income re-distribution in Nigeria. To achieve this data for the study were gathered from secondary source which include the Office of the Federal Inland Revenue Service and the World Bank Data Bank for the relevant years 1981 to 2014 (34 years) and this period is consider long enough to eliminate any effect of short run fluctuation on the dynamic on taxation and income redistribution in Nigeria. However, the ordinary least square statistical tool was used in analysing the time series data gathered. From the analyses the paper concluded that all tax variants do not exert significant impact on income disparity as observed by GINI at 5% level. The result suggests the taxation as not be able to fulfil its role as a standard tool of income re-distribution in Nigeria. Premised on the conclusion the paper recommended that the there is the need for effective, and equitable utilization of tax revenue and this recommendation suffices because of the insignificant influence of taxes on the level of income inequality as measured Gini-coefficient. Thus, the paper proposes that that there is the need to examine properly the distributional impact of the Nigerian tax system to (or “intending to”) ensuring that taxes create a more income-inclusive society by bridging the income disparity gap between the poor people and the rich.
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Gololo, Ibrahim Aliyu. "An Assessment of the Contribution of Company Income Tax on the Nigerian Economic Development." International Journal of Accounting & Finance Review 2, no. 1 (2018): 9–20. http://dx.doi.org/10.46281/ijafr.v2i1.19.
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 This study examined the contribution of company’s income tax on Nigerian economic development. The study utilized secondary data sourced from Central Bank of Nigeria (CBN) Statistical Bulletin and Federal Inland Revenue Service (FIRS). The study employed Statistical packages for social science (SPSS) technique for the analysis collected data, where Natural logarithm of Gross Domestic Product (GDP), the dependent variable stands as a proxy for economic development, and Company Income Tax (CIT), stands as the independent variables. The results of the analysis showed that company income tax does not have significant and positive contribution on the Nigeria economic development from the period of 2011 to 2015. In accordance with the findings, the study recommended that government should improve the level of supervision and regulating the activities of all agencies vested with responsibility of tax collections and administration, so that same amount realized as tax to be remitted to federation. Government officials or leaders need to be transparent and accountable in public monies. Monies collected from companies inform of company income tax (CIT) should be properly channeled to developmental project to benefit the citizens. And tax authorities should design penalties for defaulting companies. And finally, Tax clearance should also be presented when an individual company’s wants to transact with government agencies.
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Nwaorgu, Innocent Augustine, Wilson E. Herbert, and Francis Onyilo. "A Longitudinal Assessment of Tax Reforms and National Income in Nigeria: 1971-2014." International Journal of Economics and Finance 8, no. 8 (2016): 43. http://dx.doi.org/10.5539/ijef.v8n8p43.
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<p>This study assesses the impact of tax reforms on Nigeria’s national income over the period, 1971 to 2014. Using a variety of growth indicators signifying tax reforms, our regression model specified growth rate of national income (proxied by GDP) as a function of growth rates in these indicators. Diagnostic tests (F-statistics, Adjusted R-Square and Durbin-Watson) were carried out to ascertain the robustness of the parameter estimates. We found that tax reforms significantly improved national income and economic growth during the period of study, especially growth rates of value added tax and personal income tax. Our results show that growth rate of personal income tax has a positive significant effect on the national income and economic growth, while that of value added tax has a negative significant effect on growth of national income. The growth components of company income tax and petroleum profit tax are positive but not statistically significant. On the other hand, reforms in custom and excise duties were found to yield negative and statistically non-significant effect. The leading conclusions from these findings are: (1) strategic tax reforms significantly influence the behaviour of national income and GDP; (2) tax policy significantly fosters the growth of national income; and (3) policy makers, especially Ministry of Finance and Federal Inland Revenue Service and their state counterparts, should give requisite attention to tax policy issues, in the light of their obvious implications on growth of the national income and economic development.</p>
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Onwuka, Onwuka Okwara. "Voluntary Assets and Income Declaration Scheme (VAIDS) and Company Income Tax in Nigeria: A Post-Mortem." Advances in Social Sciences Research Journal 6, no. 10 (2019): 261–73. http://dx.doi.org/10.14738/assrj.610.6152.
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Abstract The contribution of taxation to any economy globally cannot be over emphasized. This research work is on Voluntary Assets and Income Declaration Scheme (VAIDS) and Company Income Tax (CIT): A Post-Mortem. The main objective of this study is to explore the impact of Voluntary Assets and Income Declaration Scheme on company income tax in Nigeria. Time series data were applied in carrying out this research work. Ordinary least square regression analysis was employed in this work with the use of STATA 13 package. The scope of the study is basically focused on the assessment and effect of voluntary assets and income declaration scheme on company income tax in Nigeria from June 2017 to March 2018 a period of 9 months but later extended to July 2018 by the Federal Government of Nigeria. This research focuses on a broad range of issues with the collection of a diversity of data in the field of VAIDS and company income. A literature review was used to determine the theoretical basis for research topic and prior research method conducted on various aspects of relating to VAIDS and company income tax. This work adopted the ex-post-facto research design. The findings reveal that Company Income Tax has an insignificant impact on VAIDS. The work recommends that the voluntary assets and income declaration scheme should be a permanent programme as a separate body should be set up to inspect and ensure the smooth running of the programme. Key words: VAIDS, Tax, Executive, Order, Income
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Aminu, Abubakar. "The impact of education tax and investment in human capital on economic growth in Nigeria." Caleb International Journal of Development Studies 3, no. 2 (2020): 77–86. http://dx.doi.org/10.26772/cijds-2020-03-02-05.
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This paper investigated the impact of education tax and investment in human capital on economic growth in Nigeria utilizing the Non-Linear Autoregressive Distributed Lag Model of cointegration covering the period of 25 years from 1995 to 2019. The findings reveal that education tax and investment in human capital have positive and significant effect on the growth of the Nigerian economy over the sampled period. The paper recommends that in order to boost the economy, Nigeria would need to, among other policy frameworks, provide a suitable environment for ensuring macro-economic stability through effective utilization of income from education tax that will encourage increased investment in human capital in the public sector. In addition to income from education tax, for effective and speedy economic growth and development in Nigeria, the government, beneficiaries (students/parents), employers of labor and other stakeholders in the society should share the responsibility for financing primary, secondary and tertiary education, so as to provide a solid foundation for human capital development. However, as revealed in this paper, the contribution of education tax and investment in human capital is most likely to be realized over a long-run period than in the short term. Keywords: Education Tax; Investment; Human capital; Economic growth
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Akinleye, Gideon T., Odunayo M. Olarewaju, and Samson B. Fajuyagbe. "Assessing the Effects of Corporate Taxation on the Investment Policy of Manufacturing Firms in Nigeria." Folia Oeconomica Stetinensia 19, no. 2 (2019): 7–24. http://dx.doi.org/10.2478/foli-2019-0010.
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Abstract Research Background: The complexities of taxes in business have a tendency of endangering investment decisions at every point in time, if such complexities are not strategically managed. Purpose: This study therefore assesses the effect of corporate taxation on the investment policy of quoted manufacturing firms in Nigeria. Research Methodology: Secondary data sourced from annual reports of the selected firms were analysed using descriptive and inferential statistics. Specifically, static panel least square regression techniques were used. Result: The results of the study revealed that company income tax (CIT) is positively related to the investment decision of the quoted manufacturing firm (INV), and thus enhances the investment of the quoted manufacturing firm (INV) in Nigeria. The probability value revealed that company income tax (CIT) had a statistical significant correlation with the investment of the quoted manufacturing firm in Nigeria. This implies that higher corporate income taxes are associated with lower investment in manufacturing firms. Novelty: This study digressed from examining the effects of corporate tax on financial performance as that was the major focused area in this context. However, this study assessed its effect on investment decisions. Hence, this study was able to recommend that the Nigerian government should encourage and enhance manufacturing investment decision by designing an appropriate corporate income tax policy. An investment decision that is fostered on new capital, encourages the implementation of new production techniques and thus should be engineered for the development of manufacturing firms.
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Adebayo Oladipo, Olufemi, Francis Iyoha, Adeniran Fakile, Abiola John Asaleye, and Damilola Felix Eluyela. "Tax revenue and agricultural performance: evidence from Nigeria." Problems and Perspectives in Management 17, no. 3 (2019): 342–49. http://dx.doi.org/10.21511/ppm.17(3).2019.27.
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The responsibility of the government of any economy cannot be overemphasized. Likewise, the resources generated and infrastructural development helps to boost the economic growth of any nation. There has been overdependency of Nigerian economy on the oil sector, the major source of revenue. However, this sector has experienced several challenges ranging from devaluation in naira and fall in prices of crude oil in the international market. This serves as a revelation for the Nigerian government to seek an additional source of income. To this end, the main aim of this paper is to examine the impact of total tax revenue on agricultural performance in Nigeria. The study uses Engel and Granger approach to cointegration to establish the long- and short-run behavior, it was found that a positive and significant relationship exists between revenue obtained in the agricultural sector, capital in agricultural sector proxy by loan and agricultural output, while employment and total tax generated are not significant in the short run. In the long run, employment, capital and total revenue are statistically significant with agricultural output, while tax is insignificant. The implication of the result showed that tax has not yielded desirable result in promoting the agricultural sector in Nigeria. To promote pro-poor growth, long-run employment and improve overall welfare, there is a need to incorporate benefit from tax into agricultural performance. The study recommends among others the need for a systemic approach, given a significant percentage of the total tax generated to boost the development of the agricultural sector.
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Anyebe, Peter Ademu. "Tax Disputes Resolution In Nigeria: Going Beyound The Traditional Court And Administrative Resolution System." Advances in Social Sciences Research Journal 6, no. 12 (2020): 236–52. http://dx.doi.org/10.14738/assrj.612.7574.
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It is the requirement of law that tax is paid. Therefore, the discharge of tax obligation in Nigeria is not by choice. In the process of the tax authorities who are authorized under the law to collect taxes from tax payers, disputes arise. The paper reveals that in its bid to lessen the incidents of tax evasion in Nigeria, the Federal Government carried out a major reform in its tax regime. Thus, the Tax Appeal Tribunal (TAT) was established to ensure fairness and transparency of the tax system through a quick and efficient method of dispensing justice. Appeal from there lies to the Federal High Court on point of law. However, there is the unresolved problem of the constitutionality of TAT in its powers and jurisdiction in resolving tax disputes with Federal High Court (FHC). Furthermore, the paper reveals that tax disputes are not arbitrable under Nigerian law. It is the argument of this paper that although the courts are recognized as the most visible dispute arbiter, it is not always the most effective or efficient method. Therefore, it is further the argument of this paper that Nigeria’s tax objection procedures as governed by statutory rules should incorporate Alternative Dispute Resolution mechanism as practiced in other jurisdictions. The paper recommends that the necessary amendments should be made to enable TAT and FHC at their levels to encourage the use of early dispute resolution (EDR) and alternative dispute resolution (ADR), particularly mediation in the settlement of tax disputes brought before them. The introduction of VAIDS (Voluntary Assets and Income Declaration Scheme) by the Federal Government of Nigeria is in line with global best practices on non-disclosure of informal and declaration of assets. The paper concludes among others that Nigeria, as a country cannot operate in isolation, hence the introduction of ADR in its tax dispute resolution processes should be imminent and mandatory.
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ADEGBITE, Tajudeen A. "DOES TAXATION HAS IMPACT ON INVESTMENT? AN EMPIRICAL RESPONSE FROM CO-INTEGRATION ANALYSIS." Annals of Spiru Haret University. Economic Series 19, no. 4 (2019): 57–74. http://dx.doi.org/10.26458/1931.
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ABSTRACTThis study examined the effect of taxation on investment in Nigeria from 1970 to 2018. Relevant secondary data were obtained from Central Bank of Nigeria (CBN) Statistical Bulletins and Federal Inland Revenue Services Bulletin from 1970 to 2018. Regression analysis technique, Units root test, Johansen co-integration, Vector Error-Correction Model, and Granger causality tests were employed to determine the long run relationship and causality links among the variables. Results showed that PPT and Value added tax had positive significant impact on INV both in the short run and in the long run while Company income tax, and Custom and Excise duties impacted INV negatively. It is concluded that all components of taxes had positive significant impact on investment in Nigeria except corporate income tax. Corporate income tax had negative significant impact on investment both in the short run and in the long run.
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Adejare, Adegbite Tajudeen, and Olaoye Clement Olatunji. "Analysis of the Impact of Non-Oil Taxation on Foreign Direct Investment and Economic Services in Nigeria." Studia Universitatis „Vasile Goldis” Arad – Economics Series 31, no. 1 (2021): 60–83. http://dx.doi.org/10.2478/sues-2021-0004.
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Abstract This study assessed the nonoil taxation effect on foreign direct investment and economic services from 1994 to 2019 in Nigeria. This study further evaluated the causality bearing amid foreign direct investment, economic services, value-added tax, company income tax, capital gain tax, custom and excise duties, and education tax, devotedly hiring Units root, VECM, Johansen co-integration, and Granger causality tests. Outcomes uncovered that value-added tax has a positive significant effect on economic services but a negative influence on foreign direct investment. Furthermore, value-added tax granger- cause foreign direct investment and economic services. It is also exposed that company income tax and capital gain tax possessed short-run and long-run negative significant influence on foreign direct investment but positive influence on economic services. More so, custom and excise duties upsurge economic services and foreign direct investment positively and significantly. Conclusively, taxation has negative significant impacts on foreign direct investment but upsurge economic services positively in Nigeria. It is recommended that since company income tax impacted foreign direct investment negatively both in the long run and short run, the government should lessen company income tax and upsurge capital allowance bestow on foreign direct investment in order to improve and attract foreign direct investment which will perpetually decrease poverty rate in Nigeria. Also, the government should employ taxation to realize more improvement in economic services and minimize all barriers to foreign direct investment attraction such as import duties and other levies to inspire investors.
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Etim, Etim Osim, Austine U. Nweze, and Nsima J. Umoffong. "Petroleum Profits Tax, Company Income Tax and Economic Growth in Nigeria 1980-2018." journal of accounting finance and auditing studies (JAFAS) 6, no. 4 (2020): 164–87. http://dx.doi.org/10.32602/jafas.2020.034.
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Olaoye, Clement Olatunji, Ayobolawole Adewale Ogundipe, and Oladimeji Emmanuel Oluwadare. "Tax Revenue and Economic Development in Nigeria." Advances in Social Sciences Research Journal 6, no. 9 (2019): 312–21. http://dx.doi.org/10.14738/assrj.69.7109.
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This study investigated the impact of taxation on economic development of Nigeria from 2003 to 2017.Vector Error Correction Model (VECM), Augmented Dickey-Fuller (ADF) unit root test, Autoregressive Distributed Lag (ARDL) bounds test, Jarque-Bera Normality Test and Eigenvalue stability condition were utilised in this study. The study revealed that companies’ income tax, petroleum profit and value added tax have a long run impact of -0.225(p-value=0.000),-0.0005 (p-value=0.699), and 0.211(p-value=0.000) respectively on the economic development of Nigeria.It was concluded that taxation has a significant long run relationship with Nigeria’s economic development. The study recommended that the government should not increase companies’ income tax rate because it is detrimental to the economic development of the country in the long run, instead the government should increase the value added tax because it has the potentiality to improve economic development of Nigeria. Also, the government should not concentrate effort on petroleum profit tax as it not significant on economic development of the country.
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Chijioke, Amadi Kelvin, and Alolote Ibim Amadi. "The Nomenclature of Taxation in Nigeria: Implications for Economic Development." JOURNAL OF INTERNATIONAL BUSINESS RESEARCH AND MARKETING 4, no. 4 (2019): 28–33. http://dx.doi.org/10.18775/jibrm.1849-8558.2015.44.3004.
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The paper analyzed the impact of taxation on economic development in Nigeria as it concerns value-added tax (VAT), Company Income Tax (CIT) and Petroleum Profit Tax (PPT). For the purpose of this study, the major source of data was a secondary source. Data were collected from the Central Bank of Nigeria Statistical Bulletin and Federal Inland Revenue Services. The data collected were analyzed with Ordinary Least Square Multiple Linear Regressions since there were more than two variables. The analysis revealed that all the independent variables (VAT, CIT and PPT) used in this study have a significant positive relationship on the dependent variable (GDP), which is used to measure economic development while value-added tax, company income tax, and petroleum profit tax were used to measure taxation. It was therefore recommended that the government should extend its database to capture all tax revenue by employing practically and technically oriented professionals. Results also imply it is recommended for the government to foster a favorable environment for young entrepreneurs to initiate and grow businesses that will lead to an increase in tax revenue for the government. It was also recommended that social science, which is the umbrella that covers management sciences, should be employed to manage businesses so as to ensure the survival of businesses and boast the nation’s revenue through tax, as it concerns training having an impact on resources utilization and allocation, thus promoting profit maximization.
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Adedokun, Kareem. "INSTRUMENTS AND INSTITUTIONAL MECHANISMS FOR INCOME TAX ENFORCEMENT IN NIGERIA." International Journal of Advanced Research 5, no. 4 (2017): 500–512. http://dx.doi.org/10.21474/ijar01/3838.
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Julius Ade, Olugbade, and Adegbie Folajimi Festus. "Personal Income Tax and Infrastructural Development in Lagos State, Nigeria." Journal of Finance and Accounting 8, no. 6 (2020): 276. http://dx.doi.org/10.11648/j.jfa.20200806.14.
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Oke, David Mautin, and Koye Gerry Bokana. "Understanding the Theory of Consumption in the Context of a Developing Economy." Journal of Economics and Behavioral Studies 9, no. 5 (2017): 219–29. http://dx.doi.org/10.22610/jebs.v9i5.1925.
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This paper synthesizes the theory of consumption using some Nigerian contexts. The argument on what determines consumption is yet an unfinished task. We tested the general consumption function using Nigerian data covering 1981-2012. Based on the diagnostics, we employed a vector autoregression-in-first difference approach. The result shows that previous incomes (up to two lags) may not be significant in influencing consumption in Nigeria but previous consumption levels (up to two lags) attained may do. In addition, consumers in Nigeria may reduce their consumption in the current year based on their knowledge of previous year consumption but may raise the current consumption level due to their experience of last two years consumption. This corroborates suggestions that macro-econometricians must analyze consumption beyond the general consumption function. The pattern of historical data also suggests that consumption may be difficult to predict in Nigeria. Therefore, government of Nigeria may succeed in influencing its aggregate demand which consumption is the major component if its income and tax policies are permanent, rather than being temporary.
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Adejare, Adegbite Tajudeen. "Taxation and Transportation: Granger Causality Approach in Nigeria." Studia Universitatis „Vasile Goldis” Arad – Economics Series 31, no. 3 (2021): 1–20. http://dx.doi.org/10.2478/sues-2021-0011.
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Abstract This study gauges taxation's effect on transportation from 1981 to 2019 in Nigeria. This study further assesses the bearing of causality among Transportation, Corporate tax, Petroleum profit tax, Value added tax and Custom and Excise duties. Analytical tools such as VECM, Johanson Test for Cointegration, Vector Autoregression and granger causality Wald (GCW) test are adopted for analysis. Diagnosis tests such as the Lagrange-multiplier test, Jarque-Bera test and Eigenvalue stability condition are carried out to examine autocorrelation, stability and normality tests respectively. Outcomes divulge that corporate tax has a positive short-run and long-run influence on transportation. Petroleum profit tax, Value added tax and Custom and Excise duties also impact transportation positively and significantly both in the long run and short run as deduced from empirical analysis. This reveals that all the components of taxation observed influence transportation positively both in the long run and short run in Nigeria. Conclusively, taxation impacts transportation positively and significantly both in the short run and long run. This translates that taxation income has been utilized effectively to upsurge transportation in Nigeria. It predicts that transportation will perform excellently in terms of economic development and employment generation if taxable income is properly monitored and utilized effectively.
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Biose, Henry, Adewale Dosunmu, and Chijioke Nwaozuzu. "ECONOMIC IMPACT ANALYSIS OF NATURAL GAS PIPELINE DEVELOPMENT IN NIGERIA." International Journal of Engineering Technologies and Management Research 6, no. 12 (2020): 35–45. http://dx.doi.org/10.29121/ijetmr.v6.i12.2019.472.
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The paper presents the economic benefits of the long term development of gas pipeline infrastructure in Nigeria. The study reviewed related literature and modeled a sensitivity analysis of the tax rate with tax holiday, without tax holiday and economic impact analysis. The sensitivity analysis of tax rate with tax holiday and without tax holiday was also evaluated and it indicated that the 20% corporate income is more viable for gas pipeline projects in Nigeria. The economic impact analysis evaluated the direct, indirect and induced impact of the gas pipeline project on GDP, employment and tax revenue in Nigeria with respect to short term (5 years), medium term (15 years) and long term (40 years): The impacts analysis indicates a total GDP of 60 billion USD, 55,626 jobs created and 1.6 billion USD tax revenue generated as a result of the gas pipeline project.
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Nnamdi, Olise, Charles, and Emeh, Ikechukwu Eke. "Interrogating the Impact of Voluntary Asset and Income Declaration Scheme (VAIDS) on Tax Administration in Nigeria." Journal of Public Administration and Governance 10, no. 3 (2020): 38. http://dx.doi.org/10.5296/jpag.v10i3.17440.
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This paper examined the impact of the Federal government of Nigeria’s tax amnesty programme tagged “Voluntary Asset and Income Declaration Scheme (VAIDS) on tax administration in Nigeria. This task is premised on the global reality of governments facing challenges funding developmental projects and other government paraphernalia due to paucity of funds as a result of tax evasions and tax avoidances. In most developing countries such as Nigeria, this tax evasions and avoidances have serious repercussion on the economic growth and development strides of the nation. To avert this menace, the federal government of Nigeria in line with some other countries of the world, created a tax amnesty window called Voluntary Assets and Income Declaration Schemes (VAIDS) to beat tax defaulters at their game and boost revenue generation towards generating the needed funds for developmental projects. For the purpose of this examination, data were generated through the secondary sources of data collection and analyzed with the content analysis. From the analysis, the paper found among others that VAIDS has impacted positively on revenue generation by expanding taxpayer’s data base and also enhanced the identification of tax defaulters. However, poor adoption of information and communication technology (ICT) and the inadequate publicity among others are the constraining factors to VAIDS achievement of its US$1bn target. Based on the findings, the paper recommends among others, proper institutionalization of ICT in data management for tax registration, assessment and collection processes and enforcing the penalties associated with not complying with VAIDS mercy window.
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Akinkunmi, Mustapha A. "Dynamic Analysis of Structural Shifts of Fiscal Revenue in Nigeria, 1999-2016." International Journal of Economics and Finance 8, no. 11 (2016): 96. http://dx.doi.org/10.5539/ijef.v8n11p96.
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The oil sector that eased the financial constraint of Nigerian government in the 1970s is presently acting as the source of financial constraints to the country due to a continuous decline in government revenue, arising from the recent drastic fall in world crude oil prices. This calls for the government to diversify its revenue base through improving taxation. This study examined the influence of economic performance on the government revenue as well as the various sources of tax revenues in Nigeria. Monthly data spanning 1999 to 2016 were utilized to estimate vector error correction models (VECM) for five sources of government tax revenues based on data availability. Empirical results revealed that there is a significant relationship between real GDP and real company income tax revenues, and between real GDP and real excise duty revenues in the long run. However, in the short run, the one-year lag of tax revenue varieties poses a significant influence on the various sources of tax revenues.
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Eyo Bassey, Bassey, and Eme J. Efiong. "Determinants of Taxable Capacity in Nigeria." INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE AND BUSINESS ADMINISTRATION 4, no. 6 (2018): 42–51. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.46.1005.
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This study is centered on the determinants of taxable capacity in Nigeria, with taxable capacity viewed as the ability of the taxed person to bear the burden of the tax in relation to their source of income without experiencing a reduction in standard of living, or margin of profit and investment in the case of firms. The study employed desk survey research design, and data obtained from secondary sources and analysis conducted using the ordinary least square technique. The results from the regression analysis and the test of hypotheses revealed that the relationship between inflation and taxable capacity in Nigeria was negative and statistically insignificant. Also, the results showed that both the degree of economic openness and the level of economic development positively and significantly affected taxable capacity in Nigeria. The study recommended that the Nigerian government should create an enabling environment that will facilitate international trade and provide the necessary facilities for the efficient and effective administration of taxes on the income generated from the global market as these will go a long way in providing revenue for the government.
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Animashaun, Oyesola, and Howard Chitimira. "The Reliance on Lifestyle Audits for Public Officials to Curb Corruption and Tax Evasion in Nigeria." Potchefstroom Electronic Law Journal 24 (June 17, 2021): 1–38. http://dx.doi.org/10.17159/1727-3781/2021/v24i0a10735.
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Widespread corruption in the Nigerian public service is having a far-reaching detrimental effect on the economy. Public officers and other policy makers that formulate socio-economic policies are the main perpetrators of corruption in Nigeria. This article focusses on the viability of lifestyle audits for public officials as a strategy for combating such corruption, the proceeds of which are usually laundered and warehoused either offshore or in Nigeria with the assistance of professionals such as bankers and lawyers. If such warehoused wealth is discovered it is usually forfeited to the treasury of the government of Nigeria, after the trial of the offenders. This article interrogates the adequacy of the relevant legislation and the efficacy of the statutory bodies responsible for lifestyle audits in Nigeria, such as the Code of Conduct Bureau, which is discussed, as are the Code of Conduct Bureau and Tribunal Act, 2010, the Economic and Financial Crimes Commission Act, 2004, and the income tax reporting framework administered by the Federal Inland Revenue Service. It appears that the provisions relating to lifestyle audits under the Nigerian statutes are not robust enough to curb corruption and tax evasion. In addition, the enforcement of such lifestyle audits is hindered by the immunity granted to certain Nigerian public officers and jurisdictional conflicts in prosecuting corruption cases.
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Umeokwobi, Richard, and Emeka Nkoro. "Tax revenue and private domestic investment." Bussecon Review of Finance & Banking (2687-2501) 1, no. 2 (2019): 25–32. http://dx.doi.org/10.36096/brfb.v1i2.137.
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This paper investigated the impact of tax revenue on private domestic investment in Nigeria from 1980 to 2018 using the modified ordinary least squares- Autoregressive distributed lag (ARDL). The paper used oil revenue, non-oil revenue, and Corporate Income Tax (CIT) as the independent variables while Private Domestic Investment (PDI) is the dependent variable. Oil revenue and non-oil revenue were used as a proxy for oil and non-oil tax. These data were obtained from secondary sources- central Bank of Nigeria, World Bank database and Federal Inland Revenue service statistical bulletin. The result showed that a long-run relationship exists between the aforementioned variables. Also, the paper revealed that oil and non-oil do not have a significant impact on PDI but CIT has a positive and significant impact on PDI. The paper recommends that proper measures/reforms should be put in place in order to reduce the impact of tax on private domestic investment in Nigeria.
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Oladele, Rotimi, Foluso Olugbenga Aribaba, Abdul-Lateef Olamide Ahmodu, Saliu Adeshina Yusuff, and Muyiwa Alade. "Tax Enforcement Tools and Tax Compliance in Ondo State, Nigeria." Academic Journal of Interdisciplinary Studies 8, no. 2 (2019): 27–38. http://dx.doi.org/10.2478/ajis-2019-0013.
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Abstract This study assessed the effectiveness of tax enforcement tools as panacea for improving tax compliance and overall tax income in the Ondo State, Nigeria. Survey research design was adopted using primary data sourced through administration of structured questionnaire on 150 selected respondents from among staff of Federal Inland Revenue Service and State Board of Internal Revenue Service within the state. The Taro Yamane formula and judgment sampling technique were used to arrive at the sampled respondents. Outcome of Ordinary Least Square regression analysis showed regression coefficient and p-value of tax-audit (0.278; p=0.03<0.05) and tax penalty (0.463; p=0.000<0.05) respectively, indicating a positive and significant relationship of the two explanatory variables with tax compliance at .05 level of significance. The Implication is that a marginal increase in tax audit and tax penalty will lead to increase in tax compliance in Ondo State. No meaningful association exists between tax amnesty and tax compliance based on the finding of this study perhaps tax amnesty is a new policy that was just launched to encourage voluntary tax compliance. As such, it is imperative that tax audit and imposition of tax penalties be encouraged and sustained. These are envisaged to further improve the degree of tax compliance, consequently enhancing government tax revenue generation to augment dwindling oil revenue in Nigeria. As regards relatively new and still under watch tax amnesty, it may turn out to be a veritable tool for voluntary compliance in future if properly nursed.
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Cletus Okey, Amah. "Taxation and Nigerian Economy: an Empirical Analysis." INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE AND BUSINESS ADMINISTRATION 7, no. 4 (2021): 29–35. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.74.1004.
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The study was carried out to investigate the effect of Nigerian taxation system on Nigerian economy. The study anchored on benefit received theory of taxation as it theoretical framework. The study covered a period of 18 years (1999-2017). Time series data extracted from Central Bank of Nigeria Statistical Bulletin and Federal Inland Revenue Service for the various years was used for the study. Ordinary Least Square method of regression was adopted for data analysis. The independent variables are Value Added Tax (VAT), Petroleum Profit Tax (PPT), and Company Income Tax (CIT) while Gross Domestic Product (GDP) is the dependent variable. The regression result revealed that there is a significant positive relationship between the independent variables (PPT, CIT) and Gross Domestic Product. However the relationship between Value Added Tax and Gross Domestic Product is negative. It is recommended that government should provide enabling environment for companies to generate more revenues. Government should also reduce the VAT rate to encourage consumption of certain goods.
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Jayeola, OLABISI, OLADUNJOYE, T. OLAWALE, and ADEWUMI, A. A. "Economic Environment and Entrepreneurial Development in Lagos and Ogun States, Nigeria." Scholedge International Journal of Multidisciplinary & Allied Studies ISSN 2394-336X 5, no. 3 (2018): 27. http://dx.doi.org/10.19085/journal.sijmas050301.
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<p>The study empirically examines the relationship that exists between economic environment and entrepreneurial development in Nigeria. A structured questionnaire is administered on the study and data collected are analysed using Analysis of Variance and Regression. The following variables are indices of determination; Interest Rate (IR); Income Tax (IT).The results of the study show that there is a significant relationship between IR and ED in Nigeria (p&lt;0.5) with a positive correlation (r=0.526, r<sup>2</sup>=0.276). Also, there is a significant relationship between IT and ED in Nigeria (p&lt;0.05), with a positive association (r=0.546; r<sup>2</sup>=0.299). The study concludes that, the emergence of higher level of stable economic environment is critical to entrepreneurial development in Nigeria. Therefore, government involvement in public private partnership for infrastructural development, enlargement of productive, judicious and transparent use of funds collected from income tax and affordable interest rate will galvanise the inward sourcing of raw materials that boost entrepreneurial development in Nigeria. </p>
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Biereenu-Nnabugwu, Makodi, and Nobert Chijioke Abah. "Reflections on the Realities and Challenges of Income Tax Administration in Nigeria." Journal of Policy and Development Studies 9, no. 4 (2015): 71–80. http://dx.doi.org/10.12816/0016775.
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Olufemi, ASAOLU Taiwo, OLABISI Jayeola, AKINBODE Sakiru Oladele, and ALEBIOSU Omolabake Naimot. "Tax Revenue and Economic Growth in Nigeria." Scholedge International Journal of Management & Development ISSN 2394-3378 5, no. 7 (2018): 72. http://dx.doi.org/10.19085/journal.sijmd050701.
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<p>The study examined the relationship between tax revenue and economic growth in Nigeria. The study adopted a descriptive and historical research design; secondary data for twenty-two years (1994 -2015) were collected from various issues of the Central Bank of Nigeria (CBN) statistical bulletin and annual reports. Tax revenue as an independent variable was measured with Value Added Tax (VAT); Petroleum Profit Tax (PPT); Company Income Tax (CIT) and Custom and Excise Duties (CED) while the dependent variable was Economic Growth (EG) proxied by the Gross Domestic Product (GDP). Analysis was performed on data collected using Auto Regressive Distributed Lag (ARDL) Regression and other post estimations (Jarque-Bera test; Breusch-Godfrey LM and Ramsey Reset Test) to determine the existence of relationship between the variables. The results of the study showed that VAT and CED had a significant relationships with economic growth (p&lt;0.05), while CIT has negative significant relationship with economic growth (P&lt;0.05). However, PPT had no significant relationship with economic growth. The study concluded that the role of taxation in nation’s building is irreplaceable. Taxation remains a strong socio political and economic tool for economic prosperity. It is therefore recommended that government should engage in a complete re-organization of tax administrative machinery to reduce incidence of tax evasion and avoidance to the barest minimum in order to improve tax revenue and bring more people and establishments into the tax net. Also, tax revenue should be judiciously utilized to provide enabling environment for business survival and economic growth in Nigeria.</p>
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Ewa, Uket E. "Appraisal of Self-Assessment Tax Policy in Nigeria." European Journal of Business and Management Research 6, no. 1 (2021): 189–97. http://dx.doi.org/10.24018/ejbmr.2021.6.1.693.
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Implementation of self-assessment policy is seen as enhancing tax revenue generation, reducing operational cost and operating in line with international best practices. This study was designed to appraise the self-assessment tax policy in Nigeria by exploring income streams from CIT, PPT, VAT against GDP (at current basic prices) and annual budgets from 2002 to 2019. The study applying Ordinary Least Square statistics revealed the tax streams impacted GDP both in the pre and post self-assessment periods though their impacts varied. The efficiency of the implementation of the self-assessment policy tested using tax to GDP ratio and tax to budget ratio revealed pre self-assessment period performing better than the post self-assessment period as pre self-assessment period tax to GDP ratio is 6.63 per cent as against post self-assessment period tax to GDP ratio of 4.23 per cent. Also, pre self-assessment period tax to budget ratio is 119.62 per cent as against post self-assessment period ratio of 92.18 per cent. This is attributable to decline in performance during the post self-assessment period as a result of reduction in petroleum profit taxes occasioned by decline in taxable profits of companies operating in the petroleum sub-sector due to slump in global crude oil prices. The study also found Nigeria’s tax to GDP ratio to be far below average in other regions and the lack of harmonization of tax revenues by States and the federal government for a realistic evaluation.
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ADEYEYE, Gbadegesin Babatunde, Adeleke Oluwafemi ADEOYE, and Adeyemi Mobolaji ADEYEYE. "PERSONAL INCOME TAX ADMINISTRATION IN THE RURAL COMMUNITIES (A STUDY OF SELECTED LOCAL GOVERNMENT AREAS IN OGUN STATE, NIGERIA)." Annals of Spiru Haret University. Economic Series 18, no. 2 (2018): 25–52. http://dx.doi.org/10.26458/1821.
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The study examined the effectiveness of Personal Income Tax Administration in the rural communities, focusing on assessment and revenue collection methods, effectiveness and efficiency of Relevant Tax Authorities. 125 copies of questionnaire were administered on respondents. Descriptive statistics was used to analyse the opinions of key stakeholders directly connected with Direct and Minimum Tax Assessments in six selected Local Government Areas in Ogun State, Nigeria. Testing of the hypotheses for the study was done using both simple and multiple regression analysis. The findings from the study indicate that tax assessment method significantly encourages voluntary enrolment into the tax net and that effective collection method adopted by the relevant tax authorities ensures optimal tax revenue collection. The study recommends that government should intensify its enlightenment programmes and to introduce awards for recognition of the best rural taxpayers.
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Omodero, Cordelia Onyinyechi. "Taxation Income, Graft and Informal Sector Operations in Nigeria in Relation to Other African Countries." International Journal of Financial Research 11, no. 2 (2020): 163. http://dx.doi.org/10.5430/ijfr.v11n2p163.
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This study investigates the influence of the informal sector and graft on income accruing to the government through taxation in Nigeria. Informal economy and graft are the two critical activities that inhibit government tax revenue collection and negatively affect the performance of an effective government. The study employs secondary data that cover a period from 2000 to 2018.This period is the millennium period which the country is expected to overcome corruption and curtail the level of informal economic activities prevailing in the nation, but it appears that all efforts seem not to be yielding the required results. In order to achieve the objective of this study, the multi-regression analysis is performed and the results indicate that corruption is very harmful to tax revenue collection while the informal economy has no significant impact on tax revenue within the millennium period covered by this study. Thus, the study suggests formalization of legal unofficial economy activities and total eradication of corruption in Nigeria through the strengthening of the anti-graft agencies, reinforcement of the legal structure and introduction of a more severe penalty for the perpetrators.
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Aniyie, Ifeanyichukwu Azuka, and Osamuyimen Enabulele. "Nigeria's Income Tax (Transfer Pricing) Regulations 2018: Conceptualizing the Elephant and “Plucking the Goose”." Journal of African Law 64, no. 2 (2020): 267–86. http://dx.doi.org/10.1017/s0021855320000108.
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AbstractIn 2015, the OECD gave the world a template to address base erosion and profit shifting and ensure that profit is taxed in the jurisdiction of value addition and / or where economic activities take place. The world's jurisdictions then embarked on implementing the template. Examining the legal framework subsequently put in place for the taxation of intangibles in Nigeria, this article argues that the distinct regimes for connected and unconnected persons’ transactions create flaws. It further asserts that these flaws are consequences of the conflict between the policy that underpins the legal framework and other policies in the country. It concludes that the legal framework may not be a “Swiss army knife” (providing Nigeria with all that is needed to combat transfer pricing issues associated with the transfer of intangibles by connected persons), as it creates issues that have undesired consequences for the taxation as well as the economic system.
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Korneev, V. V., V. Y. Khaustova, and A. O. Khodzhaian. "Progressive Taxation of Individual Income in Islamic Countries." PROBLEMS OF ECONOMY 2, no. 48 (2021): 187–93. http://dx.doi.org/10.32983/2222-0712-2021-2-187-193.
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The economic results of the development of Muslim countries have raised the question of the existence of an increasingly focused Islamic financial and tax model. Taxes in the Islamic economic model provide an implicit link in the relations between the state and individuals, thus determining the limits of conditioned freedom and mutual obligations. The article is aimed at identifying the indicative features of progressive taxation of individual income in some Islamic countries. The research results show that Islamic countries are characterized by the unity of religion (faith) and such elements of the social system as the organization of power, as well as family, economic and other relations. The boundaries of the personal and the public, the individual and the national are transparent and strictly regulated. The peculiarities of the Tax Institute in Muslim countries, terms of taxation and tax usage rules are considered. It is proven that nowadays approaches to taxation in Islamic countries are diverse. It is determined that progressive taxation of individual income is widely used in Turkey, Pakistan, Tunisia, Indonesia, Nigeria, and other countries, and partly in Saudi Arabia; "tax heavens" are typical for the UAE, Kuwait, Qatar, Bahrain, and Omani; proportional taxation is still used in Malaysia, Sudan, and Kazakhstan. The main types of taxes in Muslim countries are analyzed, their evolution is studied. Modern foci of progressive taxation of individual incomes in specific Muslim countries are revealed. The advantages of the Islamic financial model in terms of tax policy modernization and compliance with tax discipline, unconditional fulfillment of obligations and concluded agreements are identified. It is substantiated that using some elements of the progressive tax scale applied in the practice of Islamic finance can prove useful in a number of areas, providing budgetary and social balance in the "corridor of opportunities", bringing mutual responsibility of citizens and the state in fulfilling obligations, creating an annuity and mutually beneficial economic behavior pattern. It is proved that the progressive tax withdrawal of a part of large incomes will give a restrictive and restraining result of control over their redistribution in the public interest, as the socio-economic behavior of individuals, their powers and responsibilities must be balanced
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Umoffong, Nsima Johnson, Etim Osim Etim, and Daniel Okon Bassey. "Demographic and Socio-Economic Factorts as Determinants of Tax Complaince in Self-Assessment System (Sas) In Akwa Ibom State, Nigeria." Archives of Business Research 8, no. 5 (2020): 112–36. http://dx.doi.org/10.14738/abr.85.8189.
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The study examined three determinants of voluntary compliance in self-assessment system of tax administration in Akwa Ibom State, Nigeria. This was motivated by the growing need to increase tax revenues generation in developing countries the tax revenue as a ratio of Gross Domestic Product is below the global average and tax administration machinery has been ineffective. Data for the study were collected using a structured questionnaire from respondents registered with the state Board of Internal Revenue determined using Taro Yamene’s Statistical Formula. Descriptive and Regression Analyses were adopted for data treatment. The model summary reveals that 80.8% of the variation in Tax compliance is accounted for the variables of perception of equity and fairness, income level and level of education of the tax payers. The ANOVA Summary justifies that the independent variables have significant influence on tax compliance with f-calculated value of 233.763 being greater than the critical f-value of 0.308451 at P<0.05. The regression coefficient indicates a positive and significant relationship between perception of equity and fairness (0.260), level of education (0.103) and tax compliance. Income level (-0.055) has negative influence on tax compliance. It is recommended that tax authorities should evolve a framework that will motivate, control, sensitize and educate tax payers on voluntary compliance in Self-Assessment system.
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Lassa Jim-Suleiman, Saratu, and Adzor Ibiamke. "The Woebegone State of Companies Income Tax in Nigeria: Evidence from Widespread Tax Avoidance by Profitable Listed Companies." International Journal of Finance and Banking Research 7, no. 1 (2021): 1. http://dx.doi.org/10.11648/j.ijfbr.20210701.11.
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Edo, Onome Christopher, Anthony Okafor, and Akhigbodemhe Emmanuel Justice. "Tax Policy and Foreign Direct Investment: A Regime Change Analysis." GATR Journal of Finance and Banking Review VOL. 5 (3) OCT-DEC. 2020 5, no. 3 (2020): 84–98. http://dx.doi.org/10.35609/jfbr.2020.5.3(3).
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Objective – Tax policies play significant role in the direction of foreign direct investments. We investigate the proposition that tax policies enacted by military and democratic regimes differ on the influence the foreign direct investments. Methodology/Technique – Our hypotheses are tested using the error correction model as we compare the impact of tax policies on flow foreign direct investments in Nigeria between two dispensations: military rule from 1983 to 1999 and democratic rule from 1999 to 2017. Panel data between 1983 and 2017 were obtained from the databases of the World Bank, Central Bank of Nigeria and the Federal Inland Revenue Services. The explanatory variables include company income tax, value added tax, tertiary education tax and customs and exercise duties. Findings – The study reveals that tax variables during the military regime exerted more explanatory power of 79% compared to the civilian administration of 66% with respect to the impact of corporate taxes on FDI. The effect of company income tax on FDI was more pronounced during the military regime than in the civilian regime. FDI had a higher degree of convergence during the military regime compared to civilian rule, and this is vital for policy assessments and comparison. Novelty – We bring to light new evidences on the effects of taxes polices on FDI. Type of Paper: Empirical Keywords: Corporate taxes; Tax Policies; Foreign Direct Investments; Error Correction Model; Military regime; Civilian regime. Reference to this paper should be made as follows: Edo, O.C; Okafor, A; Emmanuel, A. (2020). Tax Policy and Foreign Direct Investment: A Regime Change Analysis., J. Fin. Bank. Review, 5 (3): 84 – 98 https://doi.org/10.35609/jfbr.2020.5.3(3) JEL Classification: E22, F21, H2, P33.
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Stephen N, Emmanuel. "The Impact of Tax Administration on Revenue Generation in Gombe State, Nigeria." Scholedge International Journal of Management & Development ISSN 2394-3378 5, no. 8 (2018): 86. http://dx.doi.org/10.19085/journal.sijmd050801.
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Taxes<em> have been the bedrock of revenue generation to any government. The administration of tax is very important to any government as it is the body responsible for implementing and governing the tax laws and other tax related to assessment, collection and remittance of tax. This study is aimed at ascertaining the effect of tax administration on revenue generation in Gombe state. The study uses survey research design. The primary source of data collection was adopted, which analysed using descriptive statistics was made up of frequencies and simple percentages. Cronbach's Alpha diagnose was carried out to seek for reliability of the questions contained in the questionnaire Three Hypotheses were presented in this research and were tested using Spearman’s Rank correlation, Pearson correlation and linear regression. Research findings indicated that Tax Administration in the state is not efficient and effective. The study revealed further that revenue generated in the state is low to meet its objectives due to low level of enlightenment of tax payers and incidents of tax evasion and tax avoidance. To this end, the study recommends, among others, that authorities should embark on more enlightenment campaign of citizens on the significance of paying Personal Income Tax, the quality and efficiency of tax workers should be improved so that more effective administration will be achieved and automation of the system.</em>
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Sanni, Abiola. "Problems of Determining the Applicable Tax Laws in Nigeria: Resolving the Dilemma For FIRS and Taxpayers." Journal of African Law 56, no. 1 (2012): 55–67. http://dx.doi.org/10.1017/s0021855311000258.
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AbstractThe recent law revision exercise and tax reform in Nigeria have unwittingly introduced a measure of confusion into determining the applicable tax statute(s). The problem is so bad that, if the opinion of three different experts were sought on the same issue, it is possible that they would purport to be referring to the same law yet cite different sections of different laws. The thrust of this article is to disentangle the associated issues for the proper guidance of taxpayers and the Federal Inland Revenue Service (FIRS). The article posits that the continued use of the Laws of Federation of Nigeria 1990 by FIRS is most inappropriate and illegal, and may open any assessment performed under them to legal challenge. The article advocates for a re-enactment of the Companies Income Tax Act.
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Alabede, James O., Zaimah Bt. Zainol Ariffin, and Kamil Md Idris. "Public Governance Quality and Tax Compliance Behavior in Nigeria: The Moderating Role of Financial Condition and Risk Preference." Issues In Social And Environmental Accounting 5, no. 1 (2011): 3. http://dx.doi.org/10.22164/isea.v5i1.54.
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To have better understanding of compliance behavior of individual taxpayers in developing countries especially Nigeria, this study is undertaken primarily to test relationship between taxpayers’ perception<br />about public governance quality and their compliance behavior as well as to<br />determine whether the relationship is moderated by financial condition and risk preference individually and jointly. This study involved a survey of individual taxpayers’ opinion, perception and behavior about public governance quality as well as tax compliance. The major finding of<br />this study is that public governance quality has significant positive relationship with tax compliance behavior. The study also indicates that risk preference has strong negative moderating effect on the relationship between public governance quality and tax compliance behavior. Administration of income tax in Nigeria is characterized by low compliance level and therefore, there is no doubt that improvement in public governance quality would contribute significantly in reawakening the culture of tax compliance among individual taxpayers in Nigeria. Empirically, nothing much is known in tax compliance literature about the influence of<br />public governance quality on tax compliance behavior of individual taxpayers as well as the moderating effect of financial condition and risk preference on tax compliance and its determinants. This study extended tax compliance model to incorporate public governance quality and moderating effects of financial condition and risk preference.<br /><br />
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Uhuaba, Okezie, and Tunji Siyanbola. "Tax Structure and Economic Development: An Infrastructural Viewpoint." Indian-Pacific Journal of Accounting and Finance 4, no. 2 (2020): 14–23. http://dx.doi.org/10.52962/ipjaf.2020.4.2.101.
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Underdevelopment in Nigeria was attributed to the governments’ inability to invest in infrastructure, social inclusion, creation of jobs and youth empowerment, and improved the economy’s human capacity base. Therefore, this study examines Nigeria’s tax structure and economic development from the standpoint of infrastructural deficiencies. This study’s population consisted of 4,200 tax practitioners, senior management staff of the Federal Inland Revenue Service in Lagos State. Simultaneously, Taro Yamane’s formula was used to determine the sample size of 365. Cronbach Alpha reliability coefficients take values between 0.864 and 0.952, thus confirming the reliability of data used. The study employed a survey research design using a structured questionnaire administered to senior tax practitioners and senior staff of the Federal Inland Revenue Service. A total of 85% of the questionnaire administered were retrieved while descriptive and inferential statistics were used for the data analysis. The study found that the tax structure had a significant positive effect on infrastructure in Nigeria. The study recommended that investors critically and objectively study and understand the tax base dynamics and tax rates as they affect their taxable income from their investments.