TAXATION AS A TOOL FOR ECONOMIC DEVELOPMENT OF NIGERIA (A CASE STUDY OF FEDERAL INLAND REVENUE SERVICE, UYO)
Figures and abstract
This study investigated whether taxation drives economic development (Human Development Index) in Nigeria using data from the Central Bank of Nigeria (CBN) Statistical Bulletin, Federal Inland Revenue Service (FIRS) tax reports, and Human Development Report by United Nations Development Program (UNDP) reports spanning 1985 to 2018. The information gathered was analyzed using descriptive and inferential statistics, including multiple regression analysis.
In Nigeria, an inverse and significant relationship exists between Company Income Tax (CIT) and Human Development Index (HDI); a direct and significant relationship exists between Value Added Tax (VAT) and HDI; and a direct and insignificant relationship exists between Personal Income Tax (PIT), Petroleum Profit Tax (PPT), and HDI.
It was concluded that taxation has the potential to cause positive economic development in Nigeria if the tax base is expanded, loopholes in the tax administrative system that cause tax revenue hemorrhage are closed, and the taxation framework is strengthened to make the Nigerian economy a tax base economy rather than an oil base economy.
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