ABSTRACT
The study seeks to empirically
underscore the impact of Personal Income Tax (PIT) collection on the tax
revenue yield and generation in Abia State between 1998-2007. Taxation which is
compulsory transfer of payment on money (or usually of goods and services) from
the private individuals, institutions or groups to the government, may be
levied upon wealth, income, or in the form of surcharge and prices. Taxation
may be direct or indirect. While direct taxes are lived on income and property
of individuals and companies, indirect taxes are levied upon groups or
individuals whom they are not intended to bear the burden, rather transfer it
to others. The study underscores and gives closer insight to empirically
discern the extent and significant insignificance of the Personal Income Tax
collection to the Total Tax Revenue, Social-economic development and the
Internally Generated Revenue (IGR) of Abia State. .The study, has the objective
of discerning how much the Personal Income Tax collection has contributed to
the overall tax revenue generation in Abia States In view of government
dwindling revenue, over-reliance on crude oil and federal allocation increasing
demands for infrastructural and development projects by the populace, efforts
are now geared toward accelerating the machinery for generation of internally
Genered Revenue (IGR)1 To achieve the objective of the study, three hypothesis
were formulated. In the research methodology, data used are from primary and
secondary data. The simple regression analysis is the tool used in data
analysis and testing of hypothesis. It was found that Personal Income Tax
revenue has contributed significantly to total tax revenue generation in Abla
State as the R2showed a significance of 97.21% hence both the standard error
and t-test showed that the parameter b1was significant. However, empirical
finding further revealed insignificant relationship between Personal Income Tax
and socioeconomic development of Abia State. Also Personal Income Tax showed an
insignificant relationship with the internally generated funds of Abia State
within the period under review. The study recommends for the need to diversify
the revenue base of the state, need to establish a database on natural
resources, particularly solid and liquid minerals, adoption of tax reforms by
government, government should judiciously use the collected revenue for .the
benefit o the populace, also the use of private agents in the collection of
revenue for the I J xi I state should be properly consolidated and managed
under the. Board of Internal Revenue, and finally the need to computerize the
Internal Revenue offices to enhance productivity etc.
OGWURU, K (2021). Impact Of Personal Income Tax (PIT) Collection On Tax Revenue Generation In Abia State 1998-2007. Mouau.afribary.org: Retrieved Nov 27, 2024, from https://repository.mouau.edu.ng/work/view/impact-of-personal-income-tax-pit-collection-on-tax-revenue-generation-in-abia-state-1998-2007-7-2
KANU, OGWURU. "Impact Of Personal Income Tax (PIT) Collection On Tax Revenue Generation In Abia State 1998-2007" Mouau.afribary.org. Mouau.afribary.org, 12 Aug. 2021, https://repository.mouau.edu.ng/work/view/impact-of-personal-income-tax-pit-collection-on-tax-revenue-generation-in-abia-state-1998-2007-7-2. Accessed 27 Nov. 2024.
KANU, OGWURU. "Impact Of Personal Income Tax (PIT) Collection On Tax Revenue Generation In Abia State 1998-2007". Mouau.afribary.org, Mouau.afribary.org, 12 Aug. 2021. Web. 27 Nov. 2024. < https://repository.mouau.edu.ng/work/view/impact-of-personal-income-tax-pit-collection-on-tax-revenue-generation-in-abia-state-1998-2007-7-2 >.
KANU, OGWURU. "Impact Of Personal Income Tax (PIT) Collection On Tax Revenue Generation In Abia State 1998-2007" Mouau.afribary.org (2021). Accessed 27 Nov. 2024. https://repository.mouau.edu.ng/work/view/impact-of-personal-income-tax-pit-collection-on-tax-revenue-generation-in-abia-state-1998-2007-7-2