Original Research Article | OPEN ACCESS
Value Added Tax and Economic Development in Nigeria

Osasu Obaretin1 , F N. UWAIFO2

1,2Department of Accounting, Faculty of Management Sciences, University of Benin, Benin City.

For correspondence:-  Osasu Obaretin   Email: osasu.obaretin@uniben.edu

Received: March 5, 2020        Accepted: March 31, 2020        Published: March 31, 2020

Citation: Obaretin O, UWAIFO FN. Value Added Tax and Economic Development in Nigeria. Account Tax Rev 2020; 4(1):148-157 doi:

© 2020 The authors.
This is an Open Access article that uses a funding model which does not charge readers or their institutions for access and distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0) and the Budapest Open Access Initiative (http://www.budapestopenaccessinitiative.org/read), which permit unrestricted use, distribution, and reproduction in any medium, provided the original work is properly credited..

Abstract

The study examines the impact of Value Added Tax on economic development in Nigeria for the period 1994 to 2018. The study employed a longitudinal research design. The data used in the study were generated from the office of the Federal Inland Revenue Service, and United Nation Data bank and the data generated were analysed using the Auto-Regressive Distribution (ARDL) regression estimation technique. The result from the finding unveils that VAT has a positive and significant impact on economic development in Nigeria. The study recommended that Government should ensure that the revenue that is generated from VAT is expended on projects that will impact on the citizens of the country and Regularly tax audit should be carried out on registered VAT collectors to ensure that the tax collected is remitted to the appropriate authority.

Keywords: value added tax, economic development, human development index


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