TAX REFORMS AND GROSS DOMESTIC PRODUCT OF NIGERIA
Keywords:
Company Income Tax, Gross Domestic Product, Personal Income Tax, Petroleum Profit TaxAbstract
This study ascertained the effect of tax reforms on gross domestic product of Nigeria for eighteen years ranging from 2005-2022. Specifically, this study ascertained the effect of changes in Personal Income Tax Revenue, Company Income Tax Revenue, and Petroleum Profit Tax Revenue on Gross Domestic Product. The time series data sets used in this study were obtained from Central Bank of Nigeria Statistical Bulletin, Securities and Exchange Commission Office publications, National Bureau of Statistics publications and World Bank Statistical Bulletin for the study period. Ex-post facto research design was employed. Inferential statistics using Augmented Dickey-Fuller (ADF) test, Pearson correlation coefficient, and Ordinary Least Square regression analysis were applied to test the hypotheses of the study. The specific findings showed that Personal Income Tax has a significant but negative effect on Gross Domestic Product of Nigeria (β1 = -0.582688; p-value = 0.0020<0.05); Companies Income Tax has a significant but negative effect on Gross Domestic Product (β2 = -0.101213; p-value = 0.0118<0.05); Petroleum Profit Tax has a significant and positive effect on Gross Domestic Product (β3 = 0.100654; p-value = 0.0325<0.05). In conclusion, this study found that Tax Reform has a significant effect on Gross Domestic Product of Nigeria at 5% level of significance respectively. It is suggested amongst others that there is need to promote tax awareness, understanding and compliance among both potential and existing tax payers. Government and her agencies should bring to fore the knowledge, the nature and types of tax under the Nigerian tax laws; so as to achieve increased revenue and economic growth in Nigeria.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Journal of Global Accounting
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Articles submitted to JOGA should not have been published or are currently under review by another Journal. Kindly see the guide for the preparation of the manuscript for details. Successful submission of articles by author(s) for publication clearly implies that the work is not an infringement of any existing copyright warranty as JOGA reserves the right to be indemnified by the author(s) where any breach of such warranty is proven. For ease of dissemination and to ensure proper policing of use, papers and contributions become the legal copyright of JOGA once published unless otherwise agreed.
Permission clearance should be obtained by the author(s) where applicable for the use of any content of interest not originally created by them. This must be done before the submission of the article to JOGA. Failure to do so may lead to a lengthy delay in publication, as JOGA is unable to publish any article which has permissions pending. Thus, the rights JOGA requires are:
- Non-exclusive right to reproduce the material in the article or book chapters.
- Print and electronic rights.
- To use the material for the life of the work (for instance, there should be no time restrictions on the re-use of material).
Where tables, figures or excerpts of more than 250 words are reproduced from another source, it is expected that:
- Author(s) should obtain the necessary written permission in advance from any third-party owner of the copyright for the use in print and electronic formats of any of their text, illustrations, graphics, or other material in their manuscript. Permission must also be cleared for any minor adaptations of any work not originally created by the author(s). The author (s) should not assume that any content freely available on the web is free to use.
- Where the author adapts a significant number of any material, the author(s) must inform the copyright holder of the original work.
- Author obtains any proof of consent statements
- The author must acknowledge figure(s) and content adopted or adapted in work utilizing source(s) and further capture them in the list of references.
