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Received: 20 Nov 2017 Accepted: 21 Feb. 2018 Published: 31 March 2018
Citation: Self-Assessment, Electronic-Taxation Payment Systems and Revenue Generation in Nigeria. Account Tax Rev 2003; 2(1):39-55 doi:
© 2003 The authors.
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Abstract
The paper examines self-assessment, e-taxation payment systems and revenue generation in Nigeria, the respondents were drawn from 30 tax executives from 30 quoted companies in Rivers State of Nigeria. A cross-sectional survey of the quasi-experimental research design was adopted. 30 questionnaires were administered to 30 executives drawn from 30 selected companies in Nigeria. Both Pearson’s product moment correlation coefficient statistical tool and the regression analysis were used to test the hypotheses by the application of SPSS version 20.0. Results indicate a positive and significant relationship between self-assessment and e-taxation payment systems and Revenue generation. The paper concludes that e-taxation is an online tax payment and administration system that is used for the generation of tax from all competent taxpayers based on statutory guidelines for the purpose of assessing tax returns in the economy. Self-assessment tax payment system is a tax regime that allows taxpayers to voluntarily fill their tax returns based on legislations approved by the government. E-taxation payment system is an online tax filling system carried out voluntarily by taxpayers through their bank accounts. While, self-assessment may be done manually or electronically, e-taxation is done electronically. These measures are provided by the government for effective revenue generation. The paper recommends that corporate bodies in Rivers State of Nigeria should endeavour to pay their taxes as and when due so as to enable the government have enough funds to provide public goods in the country. Corporate bodies in Rivers State of Nigeria should comply with the relevant laws and provisions on taxation so as to guarantee prompt tax payment and avoid tax evasion and tax avoidance in the country. Corporate bodies in Rivers State of Nigeria should have active bank accounts where their taxes could be deducted from at source.
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