Impact Of Value-Added-Tax On The Revenue Generation Of Non-Oil Companies In Nigeria. (2000-2014).

ABSTRACT

Value-Added-Tax (Vat) was introduced by the Federal Government bf Nigeria in 1993 to replace Sales Tax The aim was to increase the revenue base of government and make funds available for developmental purposes that will accelerate economic growth Time series data on the Gross Domestic Product (GDP), VAT Revenue and Revenue generation of non-oil sector were used from 2000 to 2014 and sourced from Central Bank of Nigeria (CBN) and were analyzed, using simple regression analysis The research work therefore examines the impact of value-added-tax on Revenue Generation of non-oil sector in Nigeria result from the study revealed that value-added-tax has no significant impact on revenue generation of non-oil sector in Nigeria and value added tax has significant impact on gross domestic product in Nigeria. The study recommends that there should be constant review of existing tax laws every four months as that of the United State of America and other advanced economies, so as to keep the act in pace with the economic reality