ABSTRACT
Income tax as a source of revenue to the
federal government has gone down and has continued to do so since the era of
the oil boom. But recently, since the world economic meltdown, most governments
including ours (Nigeria) has had to look back again at other sources of our
revenue. Further more. the factors affecting income tax administration in
Nigeria arc numerous; principal among them is neglect on the part of the
government because of the oil boom, dirty politics and lack of political will.
This study is to ascertain the effect of income tax revenue to federally
collected revenue in Nigeria and how efficient its collection has been from
1995 -2008. The effect of income tax revenue on federally collected revenue was
assessed by using company income tax (CIT) as a representative tax source
against (1) total federally collected revenue and (2) federally collected
non-tax revenue for the years under review ( 1995-2008). It was therefore concluded
that at 1% level of significance. the CIT collected for the 14 yrs under review
was negligible and had no significant effect on the total federally collected
revenue and the federally collected non-tax revenue respectively. Increasing
non-oil revenue requires the government to seek improvements in (i) the tax
treatment of the tax payer and administration. (ii) Adequate investment for the
lax system. and (iii) judicious spending of taxpayer's money. Finally, Nigeria
must train special tax judges and establish special tax tribunals; ensure that
tax compliance costs are minimal and to adopt the attribute of the tax payer
being the king.
OBILOR, . (2021). Assessment of the effect of income tax revenue on federally collected revenue in Nigeria (1995-2008). . Mouau.afribary.org: Retrieved Nov 01, 2024, from https://repository.mouau.edu.ng/work/view/assessment-of-the-effect-of-income-tax-revenue-on-federally-collected-revenue-in-nigeria-1995-2008-7-2
.C., OBILOR. "Assessment of the effect of income tax revenue on federally collected revenue in Nigeria (1995-2008). " Mouau.afribary.org. Mouau.afribary.org, 29 Jun. 2021, https://repository.mouau.edu.ng/work/view/assessment-of-the-effect-of-income-tax-revenue-on-federally-collected-revenue-in-nigeria-1995-2008-7-2. Accessed 01 Nov. 2024.
.C., OBILOR. "Assessment of the effect of income tax revenue on federally collected revenue in Nigeria (1995-2008). ". Mouau.afribary.org, Mouau.afribary.org, 29 Jun. 2021. Web. 01 Nov. 2024. < https://repository.mouau.edu.ng/work/view/assessment-of-the-effect-of-income-tax-revenue-on-federally-collected-revenue-in-nigeria-1995-2008-7-2 >.
.C., OBILOR. "Assessment of the effect of income tax revenue on federally collected revenue in Nigeria (1995-2008). " Mouau.afribary.org (2021). Accessed 01 Nov. 2024. https://repository.mouau.edu.ng/work/view/assessment-of-the-effect-of-income-tax-revenue-on-federally-collected-revenue-in-nigeria-1995-2008-7-2