ABSTRACT
On January first,1994, a new term
VAT was added to the economic lexicon of Nigerians. VAT which stands for Value
Added Tax is a multistage consumption tax imposed on Value Added to foods as
before and with the recent inclusion of newspapers, productions carried out in
Nigeria economy as they are rendered. The introduction of this tax gave
credence to the importance attached to taxation as one of the major source of
revenue in the country and as an agent of social change. This study is
therefore an attempt to appraise the problems any prospects of value added tax
as an instrument of revenue generation with particular reference to FIRS in
Abia Stale. To start with, the researcher had to go through all the available
material on this subject and this involved reviewing textbooks, journals,
newspapers, magazines and article dealing on value added tax and other related
topics. The review was aimed at giving the reader a fair idea of views drawn
out from other writers on the subject matter. The researcher's work evaluated
three VAT offices of Federal Inland Revenue Service in Abia State. For the
purpose of the analysis, different methods were used for the collection of
data, such as oral interviews, questionnaire, observations as well as surveys.
These formed the source of primary data. In the actual analysis of data and
statistical tools, simple percentage were used to evaluate the responses
received from the respondents through questionnaires, while the hypothesis
formulated were subject to test of significance using the chi-square text. Some
recommendations were made in the last chapter which could help harness the
gains of the tax on one hand as well as to ameliorate the unidentified negative
effects of the tax on the other. At the end of the study, the following
research findings and recommendation were made: The administrative section of
the board has sufficient personnel to rely on. The infrastructural facilities
are adequate for the collection of VAT. The level of public awareness of VAT is
not encouraging. All the organization that register for vat make remittance as
at and when due. The research hereby recommend as follows: The administration
machinery of VAT should be improved to eliminates leakage and other continued
weakness. Vatable industries should be made to claim credit input tax, when the
need arises.
MICHAEL, U (2021). Value Added Tax (Vat) As An Instrument Of Revenue Generation (A Case Study Of Federal Inland Revenue Service Abia State). Mouau.afribary.org: Retrieved Nov 27, 2024, from https://repository.mouau.edu.ng/work/view/value-added-tax-vat-as-an-instrument-of-revenue-generation-a-case-study-of-federal-inland-revenue-service-abia-state-7-2
UNIVERSITY, MICHAEL. "Value Added Tax (Vat) As An Instrument Of Revenue Generation (A Case Study Of Federal Inland Revenue Service Abia State)" Mouau.afribary.org. Mouau.afribary.org, 16 Jul. 2021, https://repository.mouau.edu.ng/work/view/value-added-tax-vat-as-an-instrument-of-revenue-generation-a-case-study-of-federal-inland-revenue-service-abia-state-7-2. Accessed 27 Nov. 2024.
UNIVERSITY, MICHAEL. "Value Added Tax (Vat) As An Instrument Of Revenue Generation (A Case Study Of Federal Inland Revenue Service Abia State)". Mouau.afribary.org, Mouau.afribary.org, 16 Jul. 2021. Web. 27 Nov. 2024. < https://repository.mouau.edu.ng/work/view/value-added-tax-vat-as-an-instrument-of-revenue-generation-a-case-study-of-federal-inland-revenue-service-abia-state-7-2 >.
UNIVERSITY, MICHAEL. "Value Added Tax (Vat) As An Instrument Of Revenue Generation (A Case Study Of Federal Inland Revenue Service Abia State)" Mouau.afribary.org (2021). Accessed 27 Nov. 2024. https://repository.mouau.edu.ng/work/view/value-added-tax-vat-as-an-instrument-of-revenue-generation-a-case-study-of-federal-inland-revenue-service-abia-state-7-2