THE EFFECT OF VALUE ADDED TAX ON REVENUE GENERATION IN NIGERIA (2011 – 2016)
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ABSTRACT
This study was carried out to examine the effect of Value Added Tax (VAT) on revenue generation in Nigeria (2011 – 2016). Specifically, the study examined effect of Value Added Tax on Revenue Generation in Nigeria, the benefits of VAT as a source of revenue in Nigeria, and the challenges of VAT as a source of revenue in Nigeria. The study employed the survey descriptive research design. A total of 32 responses were validated from the survey. From the responses obtained and analysed, the findings revealed that VAT is an important source of revenue in Nigeria. The findings also revealed that Inaccurate computation of Value Added Tax figures, Incompliance of infant industries with Value Added Tax Directorate, Illiteracy of some rural areas about Value Added Tax, Lack of information on VAT to new industries and Incomplete information in the tax invoice of a customer are among the challenges of VAT in Nigeria.
The study recommend there should be stringent penalty imposed on any individual or corporate body who indulge in any form of VAT malpractices irrespective of states, if the high correlation between VAT and Overall Tax Revenue in Nigeria should be maintained. More so, government through Federal Inland Revenue Service should create an effective and reliable data base for every vatable persons to minimize (if not eliminate) the incidence of tax evasion. In the same vein, the entire tax system should be overhauled to discourage tax avoidance as VAT payers are ever willing to take advantage of loopholes in the tax system to reduce their tax liabilities
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