Effective Value Added Tax: An Imperative for Wealth Creation in Nigeria
Keywords:
ation, Nigeria, revenue, Value added tax, wealth creation
Abstract
This study aimed at evaluating the influence of revenue generated through Value Added Tax (VAT) on wealth creation in Nigeria. In an effort to accomplish this objective, secondary data were generated from Federal Inland Revenue Service and Federal Bureau for Statistics which were analyzed with the aid of table and simple percentages while the hypotheses formulated were tested using Product Moment Correlation Coefficient and Student Ttest. The findings revealed that revenue generated through VAT has a significant influence on wealth creation in Nigeria and also that revenue generated through VAT has a significant effect on total tax revenue in Nigeria. However, it has been recommended among others that Federal Inland Revenue Service should pay attention to the informal sector of the economy by creating VAT offices at the Local communities so as to generate more revenue and to fully achieve the objectives of wealth creation through VAT. Equally there should be constant review of existing laws every four months as done in the United State of America and other advanced economies to create room for flexibility in line with the changing economic circumstances.
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2013-11-05
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