ABSTRACT
Based on the fact that the Nigerian
Government has 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, and tax is the next option. The Value Added Tax(VAT) was started in
January 1994 in Nigeria 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 evaluate the contributions and challenges of VAT using the survey
research design on data obtained from 56 respondent comprising of senior staff
of FIRS in Umuahia through questionnaires validated by experts. The Pearson's
Product Moment Correlation, Anova, simple Regression and Descriptive statistics
were used to analyze the data and the result showed that VAT has a significant
relationship with economic development. It was discovered that 96% of the
change in economic development is caused by VAT revenue while other factor
account for 4%. It was also discovered that VAT contributes to 7.7% annually to
the total federal revenue. The Gross Domestic Product (GDP) at factor cost and
Total Federally Collected Revenue were used as proxy. It was also discovered
that there are some factors that militate against effective VAT administration
and at the end of the research work, some strategies were formulated which can
counter these factors if adopted.
NWAOGWUGWU, A (2021). Evaluation Of The Contribution And Challenges Of Vat To Nigerian Economic Development . Mouau.afribary.org: Retrieved Nov 27, 2024, from https://repository.mouau.edu.ng/work/view/evaluation-of-the-contribution-and-challenges-of-vat-to-nigerian-economic-development-7-2
A., NWAOGWUGWU. "Evaluation Of The Contribution And Challenges Of Vat To Nigerian Economic Development " Mouau.afribary.org. Mouau.afribary.org, 28 Jul. 2021, https://repository.mouau.edu.ng/work/view/evaluation-of-the-contribution-and-challenges-of-vat-to-nigerian-economic-development-7-2. Accessed 27 Nov. 2024.
A., NWAOGWUGWU. "Evaluation Of The Contribution And Challenges Of Vat To Nigerian Economic Development ". Mouau.afribary.org, Mouau.afribary.org, 28 Jul. 2021. Web. 27 Nov. 2024. < https://repository.mouau.edu.ng/work/view/evaluation-of-the-contribution-and-challenges-of-vat-to-nigerian-economic-development-7-2 >.
A., NWAOGWUGWU. "Evaluation Of The Contribution And Challenges Of Vat To Nigerian Economic Development " Mouau.afribary.org (2021). Accessed 27 Nov. 2024. https://repository.mouau.edu.ng/work/view/evaluation-of-the-contribution-and-challenges-of-vat-to-nigerian-economic-development-7-2