The Genesis and Development of Value Added Tax Administration: Case Study of Nigeria

Agbo, Elias Igwebuike; Nwadialor, E.O.

doi:10.6007/ijarafms/v10-i2/7266

Cited by 6 publications

(3 citation statements)

References 14 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…102 of 1993; however, it became effective 1st January, 1994 (Federal Inland Revenue Service, 1993; Ugwa & Embuka, 2012). This tax replaces the sales tax introduced in 1986 through the promulgation of Decree No.7 of 1986 (Agbo & Nwadialor, 2020). Three main reasons were advanced for the introduction of VAT which are; one, the base of the Sales Tax as provided in Decree No.…”

Section: Value Added Tax (Vat) In Nigeriamentioning

confidence: 99%

The Contribution of Value Added Tax to Federally Collected Revenue in Nigeria: A trend Analysis 1994-2022

Mohammed,

Suleiman,

Olamide

et al. 2024

Preprint

View full text Add to dashboard Cite

Nigeria is a country experiencing fast growing population which was 44,928,342 million in 1960 when the country got independence increasing to 218,541,212 million in 2022. Moving along this fast growing population is infrastructural decay and deficits needing huge capital investment which the country may not afford due to volatility of revenue from oil and gas as main source of revenue. Consequently, the country introduced Value Added Tax (VAT) in its tax structure in 1994 to raise more needed revenue for national development. Therefore, the aim of this study is to evaluate the contribution of VAT to total government revenue 1994–2022. To achieve this aim quantitative secondary data on VAT allocations to federal, states and local governments and total government revenue is collected from the annual publication of the Central Bank of Nigeria. The collected data is descriptively analysed using tables, figures, charts and percentages to demonstrate the contributions of VAT to total government revenue 1994–2022. Similarly, test of Analysis of Variance was carried out on collected data to statistically determine contribution of VAT. Triangulation of optimal taxation and Laffer curve theories guided the conduct of the study. Results from the study revealed that VAT is making significant contributions to total government revenue over the period of the study. The policy implication is that VAT has actually proven effective in making more revenue available to Nigerian government. Thus, this tax should be strengthened to standard of global best practices including increasing the rate to generate more revenue to the government for national development.

show abstract

Section: Value Added Tax (Vat) In Nigeriamentioning

confidence: 99%

The Contribution of Value Added Tax to Federally Collected Revenue in Nigeria: A trend Analysis 1994-2022

Mohammed,

Suleiman,

Olamide

et al. 2024

Preprint

View full text Add to dashboard Cite

show abstract

“…VAT which has gained relevance in most countries of the world, Nigeria inclusive (Agbo and Nwadialor, 2020). France adopted VAT in 1954 to replace the turnover tax as members of European Economic Council (EEC) have since 1967 adopted VAT as a kind of tax that generates revenue.…”

Section: Value Added Tax (Vat)mentioning

confidence: 99%

Effect of Voluntary Assets and Income Declaration Scheme (VAIDS) on Economic Growth of Nigeria

Tomomewo¹,

Omidiji²,

Abiola³

2022

IJARBSS

View full text Add to dashboard Cite

Government in recent time gave attention to tax to enhance economic growth because of the persistent dwindling proceed of oil revenue to the Nigeria economy. To address this gap, the study examined the effect of voluntary assets and income declaration scheme (VAIDs) on economic growth of Nigeria. The study employed expost facto research design using while using macro data for the period 1994 to 2019. The statistical bulletin of the central bank of Nigeria and information from National Bureau of Statistics were sourced and used alongside relevant journals. Descriptive and inferential statistics emplying multiple regressions were adopted in data analysis as the date were already validated by regulators and statutory authorities. Findings from the study revealed that VAIDs proxied by custom and excise duties, company income tax and value added tax) have significant effect on economic growth. (Adj. R2 = 0.51, F (3,21) = 9.211, p< .0.05). The study submitted that VAID was a success programme that contributed significantly to economic growth of the nation. Therefore, to increase participation and continued compliance, mechanisms must be put in place to strengthen the current tax system and also ensure participants comply with their payment of taxes even after the end of the Scheme. While the revenue generating units of the governments are encouraged to do more, the study further recommended that VAID should be a one-off amnesty programme for tax defaulters

show abstract

“…People are choosing alternative investment options like bitcoin because of Nigeria's high inflation rate. Nigeria has been labeled as the second most user of bitcoin [13], the third largest of bitcoin holders in the world [14]. Nigeria's regulatory institutions that include the Nigeria Deposit Insurance Corporation, are seen to be more concerned towards the asset feature of cryptocurrency rather than the currency aspect that is able to facilitate international trade and financial inclusion [15].…”

Section: Introductionmentioning

confidence: 99%

The power of Bitcoin to attract investment in Underdeveloped Countries: A neoliberal perspective of Nigeria

Affandi,

Rifkila

2023

E3S Web Conf.

View full text Add to dashboard Cite

The era of digital money was introduced years ago and is rising over the last few years. This is implemented by the fast-growing globalization process that spreads new technologies all over the world. Even in underdeveloped African nations such as Nigeria, this article examines the emergence of digital currencies such as Bitcoin. The ways that payments are made have changed significantly on a worldwide scale. This article suggests that the development of digital currencies, and Bitcoin in particular, is part of the process of instituting globalization through digital technologies. This article analyzes the phenomenon of Bitcoin in Nigeria from a neoliberal perspective, where globalization serves as a catalyst for the liberalization process. This article employs methods based on qualitative research. We use qualitative data obtained from previous studies, literature, and news source that is searched through google. According to this article, Bitcoin usage in Nigeria has increased due to increased investment. Nigeria that undergoes an economic crisis adopt Bitcoin in hopes for a better economic situation which resulted in the government accepting neoliberalism system. This article focuses on how underdeveloped nations use Bitcoin in international commerce to attract investment. Bitcoin has aided people in investing and improving their standard of living which is consistent with the neoliberal viewpoint; those who have control over their resources and act int their best interests will prevail.

show abstract

The Genesis and Development of Value Added Tax Administration: Case Study of Nigeria

Cited by 6 publications

References 14 publications

The Contribution of Value Added Tax to Federally Collected Revenue in Nigeria: A trend Analysis 1994-2022

The Contribution of Value Added Tax to Federally Collected Revenue in Nigeria: A trend Analysis 1994-2022

Effect of Voluntary Assets and Income Declaration Scheme (VAIDS) on Economic Growth of Nigeria

The power of Bitcoin to attract investment in Underdeveloped Countries: A neoliberal perspective of Nigeria

Contact Info

Product

Resources

About