ABSTRACT
Based on the fact that the Nigerian government had depended
only on oil as its major source of revenue since independence, there was the
need for emphasis to be shifted to other major sources, tax being the next
option. The Value Added Tax (VAT) was adopted in January 1994 but it faced some
challenges in as much as it could contribute greatly to the economy. Thus the
researcher embarked on this work in order to assess the contributions and
challenges of VAT using the survey research design on data obtained from 165
respondents comprising of the junior and senior staff of the FIRS through
questionnaires validated by experts. The Pearson's Product Moment Correlation,
regression and descriptive statistics were used to analyze the data and results
showed that VAT has a significant effect on and relationship with economic
development. It was discovered that 94% of the change in economic development
is caused by VAT revenue while other factors account for 6%. It was also
discovered that VAT contributes 4.85% annually to total government revenue. The
Gross Domestic Product (GDP) at factor cost and Total Federally Collected
Revenue were used as proxies for economic development. It was also discovered
that there are some factors militating against effective VAT administration and
at the end of the research work, some strategies were formulated which could
counter these factors, if adopted.
ADINDU, F (2021). Assessment Of The Contributions And Challenges Of Vat To Nigerian Economic Development. Mouau.afribary.org: Retrieved Nov 28, 2024, from https://repository.mouau.edu.ng/work/view/assessment-of-the-contributions-and-challenges-of-vat-to-nigerian-economic-development-7-2
FORTUNE, ADINDU. "Assessment Of The Contributions And Challenges Of Vat To Nigerian Economic Development" Mouau.afribary.org. Mouau.afribary.org, 16 Nov. 2021, https://repository.mouau.edu.ng/work/view/assessment-of-the-contributions-and-challenges-of-vat-to-nigerian-economic-development-7-2. Accessed 28 Nov. 2024.
FORTUNE, ADINDU. "Assessment Of The Contributions And Challenges Of Vat To Nigerian Economic Development". Mouau.afribary.org, Mouau.afribary.org, 16 Nov. 2021. Web. 28 Nov. 2024. < https://repository.mouau.edu.ng/work/view/assessment-of-the-contributions-and-challenges-of-vat-to-nigerian-economic-development-7-2 >.
FORTUNE, ADINDU. "Assessment Of The Contributions And Challenges Of Vat To Nigerian Economic Development" Mouau.afribary.org (2021). Accessed 28 Nov. 2024. https://repository.mouau.edu.ng/work/view/assessment-of-the-contributions-and-challenges-of-vat-to-nigerian-economic-development-7-2