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Value Added Tax (Vat) and Economic Development of Nigeria

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– Value Added Tax (Vat) and Economic Development of Nigeria –

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Abstract

This study is aimed at empirically analyzing the impact of Value Added Tax (VAT) on economic growth (GDP) in Nigeria from 1998 – 2016.

Relevant data were collected from Central Bank of Nigeria (CBN) statistical bulletin and Federal Inland Revenue Service (FIRS) reports. The Ordinary Least Square techniques were used to estimate three models in line with the formulated hypotheses.

The results from the models revealed a strong positive significant impact of VAT on economic growth as proxy by GDP in Nigeria. It also revealed that there is positive relationship or impact of VAT on total tax revenue over the period studied.

Consequently, it was recommended among other things that government should put in place measures to effectively utilize generated VAT revenue for infrastructural and economic development. It also recommends the review of tax incentives to attract both local and foreign investors in order to boost economic growth in Nigeria.

Introduction

1.1 Background of the Study

Taxation is one of the most important revenue generation mechanisms in any given economy. In fact, one of the main sources of government revenue is tax which is obtainable from different sources.

Government has the mandate to impose tax via its various regulations. An efficient and effective tax system is capable of ensuring the basic necessities and services in the country. Taxes are used to achieve economic growth, achieve equity in income and wealth distribution and maintain equilibrium in the economy.

Taxes are not only the most traditional means through which governments generate revenue; they are also the most reliable and predictable. One of these taxes is Value Added Tax (VAT). The Value Added Tax, is a special type of indirect tax in which a sum of money is levied at each stage of production and distribution of a product or service.

Referring to history, Okoye and Gbegi (2013) reported that in 1954 the Value Added Tax system was initiated by the then Joint Director of the tax authority of France, Maurice Laure.

VAT came into effect for the first time on 10th April 1954; although, a German Industrialist Wilhelm Van Siemens proposed the concept in 1918 the value added tax system has been adopted by different nations across the world.

VAT has become a major source of revenue in many developing countries. In sub-Saharan Africa for example, VAT has been introduced in Benin Republic, Cote d’Ivore, Guinea, Kenya. Madagascar, Mauritius, Niger Republic, Senegal, and Togo.

Evidence suggested that in these countries, VAT has become an important contributor to total government tax revenues (Adereti et al., 2011).

In 1994, the revenue profile of the federal government and by extension sub-national governments increases. This is because, in addition to oil revenue and other taxes such as company income tax, the government receives revenue at each stage of production.

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