Impact Of Personal Income Tax (PIT) Collection On Tax Revenue Generation In Abia State 1998-2007

OGWURU KENNETH KANU | 81 pages (11321 words) | Projects

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.

Overall Rating

0.0

5 Star
(0)
4 Star
(0)
3 Star
(0)
2 Star
(0)
1 Star
(0)
APA

OGWURU, K (2021). Impact Of Personal Income Tax (PIT) Collection On Tax Revenue Generation In Abia State 1998-2007. Mouau.afribary.org: Retrieved Nov 01, 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

MLA 8th

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 01 Nov. 2024.

MLA7

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. 01 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 >.

Chicago

KANU, OGWURU. "Impact Of Personal Income Tax (PIT) Collection On Tax Revenue Generation In Abia State 1998-2007" Mouau.afribary.org (2021). Accessed 01 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

Related Works
Please wait...