Crafting a comprehensive literature review on Value Added Tax (VAT) in Nigeria is a challenging

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This is particularly so as certain essential goods and. That is from labor, raw materials, and the sale of
the final products. Schmidt and Shin?s (KPSS) test designed to overcome the problems of low power
and size distortions inherent in the. The generation of revenue in a country largely relies on its
capacity to expand the tax both in an economic and administrative term. This will facilitate the
computation of Value added tax due to or from him. In Nigeria, the highest predictive information
about growth rate comes from the. LAGOS STATE VAT BILL As a result of the Federal High
Court's ruling on VAT, governments like Lagos State and Rivers State have hurried to create their
own VAT statutes that will oversee the administration of VAT in their respective jurisdictions. It is
paid on or before the 30th day of the month for the goods supplied in the previous month. All
information provided are for general purpose only. It was recommended to Government to review
the VAT Act with a view to blocking any loopholes that hinders it from achieving its full potentials
and that the rate should be increased to between 10% and 12.5%, given that at 5% Nigeria is
charging the least VAT rate worldwide, as a means of diversifying the revenue base of the country
from oil. Moreover, when the financial income of enterprises is greater than the income from taxation,
the higher the degree of corporate tax avoidance, the higher the ent erprise value. A non-resident
company is also required to include VAT in the invoices to the person or business it is doing business
within Nigeria and the VAT is to be remitted in the currency of the contract. A sample of 45 people
was used comprises of registered operators, VAT officers, line managers and the managing director
of Zimbabwe Revenue Authority (ZIMRA). Tax is a compulsory levy you must pay once you decide
to start a business. The times series data sourced from Central Bank of Nigeria Statistical Bulletin
and Federal Inland Revenue Service (FIRS), were analyzed using unit root tests, co-integration tests
and vector error correction mechanism (VECM). This study adopts the exploratory and ex-post facto
design. Economic growth and wagner’s hypothesis the nigerian experience Economic growth and
wagner’s hypothesis the nigerian experience A parametric debate of value added tax, economic
growth and poverty reduction. For this purpose, the study has used annual time series data from
1975 to 2012. The work hypothesized that: VAT productivity is not significant at the cross-elasticity
of Total Consumption Expenditure in Nigeria. Descriptive survey design was adopted and simple
random sampling technique was used in the selection of the sample size. 100 copies of questionnaires
were administered to workers of the Federal Board of Inland Revenue (FBIR), Lagos, Nigeria. 75
questionnaires were retrieved and found usable for the study hence, giving a 75% response rate.
Fortunately, the challenges aforementioned are not insurmountable. Data were sourced from Central
Bank Statistical Bulletin and extracted through desk survey method. The work hypothesized that:
VAT productivity is not significant at the cross-elasticity of Total Consumption Expenditure in
Nigeria. Thus, rather than increasing VAT rate, which had not been properly harnessed, the
machinery of VAT collection should be streamlined to minimize loopholes and corrupt practices. VAT
revenue however, did not improve after the implem. All diplomatic items are exempted under
reciprocal international agreements. The jurisdiction of these courts should be extended to states to
ensure prompt prosecution of tax evaders. Download Free PDF View PDF E-Jurnal Akuntansi Tax
Planning To Increase The Value Of The Company I Gusti Ngurah Agung Suaryana The objectives of
this study are (1) to examine the effect of tax planning on firm value, (2) to examine the effect of
good corporate governance on firm value, and (3) the moderating effect of good corporate
governance on the relationship of tax planning and firm value. INNOCENT C H U K W U E B U K
A NNUBIA 2016, Nigerian Journal of Management Sciences This paper analyzed the effect of
Personal Income Tax Act 2004 and 2011 on the personal income of employees in Nigeria. The study
recommends to boost economic growth in Nigeria, government should ensure the tax revenue
generated are cha.
The finding of the research revealed that there are so many reasons for refusal of VAT registration.
Stephen Ocheni The development of any nation depends on the amount of revenue generated and
applied by the government on public infrastructure for the benefits of members of that society. This
study seeks to determine the impact of gas exploration taxes on economic growth in Nigeria from
1981 to 2020. Tax planning was measured using the effective tax rate and book-tax difference, firm
value using Tobin’s q, while corporate governance was measured using board independence. Articles
Get discovered by sharing your best content as bite-sized articles. The study focused on the impact
of tax revenue on Nigeria economy. We deliver practical and hands-on training’s to client. Data were
sourced from Federal Inland Revenue Services (FIRS), Central Bank of Nigeria (CBN) statistical
bulletin and World Bank’s World Development Indicators (WDI). The government should implement
disciplinary procedures to punish officials who engage in corrupt practices in collecting and
remittance of revenues. The generation of revenue in a country largely relies on its capacity to
expand the tax both in an economic and administrative term. It further recommended that the state
should set up its own revenue courts. Teams Enable groups of users to work together to streamline
your digital publishing. It was recommended that there should be stringent penalty imposed on any
individual or corporate body who indulges in any form of tax malpractices irrespective of states, if
the positive correlation between tax revenue and economic growth should be maintained. Download
Free PDF View PDF See Full PDF Download PDF Loading Preview Sorry, preview is currently
unavailable. Failure to do so attracts penalties like fine, or jail term. Besides, a non-resident who has
a business, trade, profession, or vocation in Nigeria must register with the local VAT office. Paper,
No. 554. Washington, D.C.: Federal Reserve Board. Federal Government (1993) Printer: Value
Added Tax Decree. The interest here is, to examine the impact and predictive ability of value added
tax and oil revenues on real GDP. The error correction term has the right sign and shows that
convergence to long-run equilibrium adjusts at the speed of 50.56% on annual basis. In view of the
findings, it is noteworthy that fiscal policy implemented by government remains a strong pillar in
improving public financial resources, and also in the sustenance of public expenditures in order to
attain sustainable economic growth while maintaining economic stability. Random sampling
incorporated with Slovin Formula was used to select three hundred and fifty six (356) respondent tax
officers, vatable persons and three hundred and fifty three (353) households of VAT rated goods on
whom questionnaires were administered. We have consistently deliver quality, which we do not
compromise. The FIRS is given authority to manage the collection of VAT from taxable persons in
Nigeria by the VAT Act, 1993 (as amended). First, the Augmented Dickey Fuller (ADF) tests and
Phillips-Perron (PP) tests are used to check whether each data. Correspondence related to VAT for
this business will be sent to this address. The essence of this paper is to re-evaluate the effectiveness
and efficiency of the administration of VAT in Nigeria, as well as to appraise the benefits inherent in
the adoption of VAT with respect to its impact on Nigerian economic growth within the period 1994-
2014. Arsenal FC Profile 2024 Oasdom - February 5, 2024 0 Arsenal FC, a football club based in
North London, competes in the Premier League. Also, current period company income tax revealed a
negative influ. The analysis started with exploring the trends in each variable using line graphs after
which descriptive statistics were used. VAT registration is free and can be completed immediately or
by the next day.
Value added tax caused the most variations to GDP over the long term. On top of that, there is
always fear of administrative and criminal liability on the side of traders. To register, you’ll need to
obtain a TIN, then obtain VAT input form from the FIRS, then submit to FIRS office every 21st of
each month. The study adopted an interval scale of measurement and the preceding year basis of
sampling, with a sample size of nine (9) years from 2010 to 2018. To browse Academia.edu and the
wider internet faster and more securely, please take a few seconds to upgrade your browser. We have
consistently deliver quality, which we do not compromise. The study focused on the impact of tax
revenue on Nigeria economy. QR Codes Generate QR Codes for your digital content. Download
Free PDF View PDF THE EFFECT OF VALUE ADDED TAX ON THE GROWTH AND
DEVELOPMENT OF THE NIGERIAN ECONOMY Monday Nto Bereh This research entitled
“The Effect of Value Added Tax on the Growth and Development of the Nigerian Economy” was an
attempt to investigate the relationship Value Added Tax has with the economic development of
Nigeria. The times series data sourced from Central Bank of Nigeria Statistical Bulletin and Federal
Inland Revenue Service (FIRS), were analyzed using unit root tests, co-integration tests and vector
error correction mechanism (VECM). Sharing formular for revenue accruing from VAT: The Bill
provides that the revenue obtained by the Lagos State Government from VAT will be distributed
between the state and local governments in the ratio of 75% to 25%. The paper concludes that the
amendments will mean different things to different people, possibly with some unintended
consequences. The work hypothesized that: VAT productivity is not significant at the cross-elasticity
of Total Consumption Expenditure in Nigeria. Primary data was collected through the administration
of questionnaires to self employed in each senatorial district in Kogi and Enugu States. You are
required to visit any Federal Inland Revenue Service (FIRS) Office with the following documents.
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. Conversely, there are also enormous traders who ? LL.B (Mekelle
University), LL.M (Bahir Dar University in Business and Corporate Law), Lecturer and Dean at
Debre Markos University School of Law. It is suggested that government should pay attention to the
factors that influence the willingness of citizens to pay tax and improve on them, thereby improving
peoples willingness to pay tax, government revenue and economic growth and development of the
nation generally. The study recommends that value added tax (VAT) should be sustainedand all
identified loopholes should be covered for VAT revenue to continue to contributemore significantly
to economic growth in Nigeria. These costs are not eligible because they are anticipated to be
deducted before calculating taxable profits. The VAT is charged on most goods and services
provided in Nigeria and also on goods imported into Nigeria. One example of this is exported goods,
which are all zero-rated, meaning they are still subject to VAT but at 0%. Adobe InDesign Design
pixel-perfect content like flyers, magazines and more with Adobe InDesign. It is not possible to
determine the balancing VAT using the VAT on overhead, services, and general expenses. The paper
recommends that government should review the VAT rate to between 10 and 12.5%, strengthen the
collection machinery and review the VAT Act to make the system all inclusive and more effective. An
investigation of the effect of vat on revenue profiles of south western ni. Then, you subtract the VAT
that you have already paid. It means that the Value Added Tax (VAT) is collected from the foreign
buyer and any input tax will be refunded. Mammam, (1999) to review the Nigerian taxation in 1958.
Arsenal FC Profile 2024 Oasdom - February 5, 2024 0 Arsenal FC, a football club based in North
London, competes in the Premier League.
Value added tax caused the most variations to GDP over the long term. Wagner (Kluwer, Academic
Press Publishers, Boston-Dordrecht-London, 1992) pp. Download Free PDF View PDF Empirical
Assessment of the effect of Taxation on the Nigerian Economy, 1992-2019 IOSR Journals This
paper presents an empirical model using an error correction model (ECM) approach to analyze the
effect of direct and indirect taxes on economic growth in Nigeria by using annualized time series
data spanning 1992-2019. The questions are: How has the VAT helped in minimizing Nigerian
government borrowing. On the basis of the findings, the study concludes that Value Added Tax
improves the revenue base of the government and gross domestic product of the country for
economic growth and development. The Nigerian tax system is designed as a means of income
generation. Also, that government should also be able to use tax payers 'monies in the provision of
infrastructural facilities. The analysis started with exploring the trends in each variable using line
graphs after which descriptive statistics were used. Sharing formular for revenue accruing from VAT:
The Bill provides that the revenue obtained by the Lagos State Government from VAT will be
distributed between the state and local governments in the ratio of 75% to 25%. After estimation has
been carried out, and certain results have been obtained, we implement a series of tests for the. But if
the amount paid is lesser than the amount collected, the business will be asked to pay the difference.
Four Hypotheses were formulated and tested using Chi-square statistical tool of analysis. Stephen
Ocheni The development of any nation depends on the amount of revenue generated and applied by
the government on public infrastructure for the benefits of members of that society. Therefore, for the
purpose of stimulating economic growth, some fiscal policy measures in the form of VAT for. The
study test the unit roots of the variables by using Augmented Dickey Fuller and found out that all
variables involved are stable at level and first difference. See Full PDF Download PDF See Full PDF
Download PDF Related Papers The Effect of Personal Income Tax Amendment Act on Revenue
Generation in Nigeria Professor Tanko Muhammad The Personal Income Tax Act Cap P8, LFN 2004,
is now amended by the Personal Income Tax (amendment) Act, 2011. We have consistently deliver
quality, which we do not compromise. The ADF test showed that both the dependent and
independent variables were stationary at first difference. The study recommended that government
should ensure to embrace strategies that will help to maintain adequacy of accounting procedure in
the tax system in order to spur VAT efficiency and also to increase the number of VAT agencies in
the country to boost VAT productivity. Letting video, tapes or any other audiovisual records or
hiring copying and rewriting of videotapes and similar services. ABUJA OFFICE Mangal Plaza, 71,
Nouakchott Street, Zone 1, Wuse, FCT, Abuja. Mammam, U. (1999), Value Added Tax and
Economic Growth, University Press, Ibadan. The very person who ultimately bears the burden of the
tax is not necessarily the same person as the one who pays the tax to the tax authorities. The table
below reflects the contribution by other variables to the variance of Real GDP. QR Codes Generate
QR Codes for your digital content. Also check: The taxation of special businesses in Nigeria VATable
Persons These are all domestic manufacturers, wholesalers, distributors, importers, and suppliers of
goods and services in Nigeria. This work therefore assessedVAT productivity at the cross-elasticity of
Total Consumption Expenditure in Nigeria; and VAT productivity at the cross-elasticity of Private
Consumption Expenditure. To browse Academia.edu and the wider internet faster and more securely,
please take a few seconds to upgrade your browser. Study discovered that since inception of VAT in
Nigeria there has been considerably high rate of acceptance and payment. Expenditure in Uganda.”
Washington, D.C.: World Bank.
The results of FEVD imply that value added tax variable explains most of the. Nigeria. American
Journal of Scientific Research, Issue 8, pp.78-87. The paper recommends that government should
review the VAT rate to between 10 and 12.5%, strengthen the collection machinery and review the
VAT Act to make the system all inclusive and more effective. Random sampling incorporated with
Slovin Formula was used to select three hundred and fifty six (356) respondent tax officers, vatable
persons and three hundred and fifty three (353) households of VAT rated goods on whom
questionnaires were administered. First, the Augmented Dickey Fuller (ADF) tests and Phillips-
Perron (PP) tests are used to check whether each data. In this case, it has a positive response more
specifically at the. It was also shown that adequate accounting procedure spurs VAT efficiency in the
country. An expo-facto research design with two (2) objectives and one (1) baseline theory anchored
this empirical paper. It was recommended to Government to review the VAT Act with a view to
blocking any loopholes that hinders it from achieving its full potentials and that the rate should be
increased to between 10% and 12.5%, given that at 5% Nigeria is charging the least VAT rate
worldwide, as a means of diversifying the revenue base of the country from oil. LAGOS OFFICE
115, Obafemi Awolowo Way, Allen Junction, Beside Lagos Airport Hotel, Ikeja, Lagos State.
Accountancy services, including any type of audition, bookkeeping, or similar services. It is also to
be noted that the VAT system in Nigeria has an in-built refund or credit mechanism, which
eliminates the cascading effect. The negative sign (-0.817240) of the error term implies that the
system corrected its previous disequilibrium period due to negative shocks in one period at an
adjustment speed of 81.72 percent annually. In other words, the short run dynamics represented by
the coefficient of the error correction estimates shows how the research variables adjust at
equilibrium to correct for any short run defect in the system. Every VATable person must keep proper
record of all supplies made and received. Time series data were extracted from the Central Bank of
Nigeria statistical bulletin, Federal Inland Revenue Service and Federal Ministry of Finance from the
period 1985-2011. From the findings, it was concluded that VAT has a significant statistical
relationship with GDP of Nigeria over the years under study, hence VAT has contributed to the
economic growth and development of Nigeria. The essence of this paper is to re-evaluate the
effectiveness and efficiency of the administration of VAT in Nigeria, as well as to appraise the
benefits inherent in the adoption of VAT with respect to its impact on Nigerian economic growth
within the period 1994-2014. See Full PDF Download PDF See Full PDF Download PDF Related
Papers Assessment of Value Added Tax on the Growth and Development of Nigeria Economy:
Imperative for Reform Jerry D kwarbai Value Added Tax (VAT) is a consumption tax that is being
charged and embraced by many developed and developing countries, which is relatively easy to
administer and very difficult to evade. Federal Inland Revenue service (1993): Information Circular
NO. 9305 on VAT on Imports. Therefore, the research recommends among others that; tax collection
mechanism should be streamlined ensuring good, effective and efficient tax administration. Also, the
money you pay as tax, goes to many places. Articles Get discovered by sharing your best content as
bite-sized articles. This paper therefore set out to empirically investigate the effect of TIN on non-oil
tax revenue through a comparative analysis of pre and post TIN years of 2000 to 2015. Leeper, Eric,
Christopher Sims and Tao Zha (1996), what does monetary policy do? Secondary historical time
series data of Value Added Tax), Gross Domestic Product, Petroleum Profits Tax, Company Income
Tax and Custom and Excise Duties were collected by extraction from the publications of the Central
Bank of Nigeria, the Nigerian Bureau of Statistics and the Federal Inland Revenue Service.
International Journal of Research and Innovation in Social Science (IJRISS) Effect of Custom and
Excise Duties on Infant Mortality in Nigeria Effect of Custom and Excise Duties on Infant Mortality
in Nigeria ijtsrd Econometric analysis of the effectiveness of fiscal policy in economic growth. It
should be noted that companies whose goods and services are exempted from VAT should not
register for Value added tax and cannot make returns. Relevant data were collected from Central
Bank of Nigeria (CBN) statistical bulletin and Federal Inland Revenue Service (FIRS) reports.
Descriptive research design was used to gather data using questionnaires and interviews as research
instruments. Economic growth is measured by growth in total government revenue and in GDP of
the country.