Impact of Tax Penalty on Government Revenue in Nigeria
DOI:
https://doi.org/10.61143/umyu-jafr.1(2)2021.010Keywords:
Government Revenue, Multi Regression Model, Tax PenaltyAbstract
The objective of the study is to examine the impact of the tax penalty on government revenue in Nigeria. The study filled the gap by identifying how tax penalties could increase government revenue in the country as a result of inability of other authors to examine the effects of tax penalty on government revenue. The study used multiple-regression model and revealed that there was a positive relationship between tax penalty and government revenue in Nigeria. The variables were integrated and found that the tax penalty had a significant contribution to the government revenue at a 1% level of significance. The study concluded that new economic policy should be formulated, tax should be paid through e-payment and proper accountability should be done by the government agency in Nigeria.
Metrics
References
Abiola, J. & Asiweh, M. (2012). Impact of tax administration on Nigeria, International Journal of Business and Social Sciences, 3(8).
Adereti, S. A, Sanni, M. R, & Adesina, J. A. (2011). Value Added Tax and Economic Growth of Nigeria,European Journal of Humanities and Social Sciences, 10(1).
Allingham, M.G. & Sandmo, A. (1972). Income tax evasion: A theoretical analysis. Journal of Public Economics, 1(4), 323-38. https://doi.org/10.1016/0047-2727(72)90010-2
Ayuba, A. J. (2014). Impact of non-oil revenue on economic growth: The Nigeria perspective. International Journal of Finance and Accounting, 3 (5), 303-309.
Chude, D. I. & Chude, N. P. (2015). Impact of company income taxation on the profitability of companies inNigeria: A study of Nigerian Breweries. European Journal of Accounting, Auditing and Finance Research,3(8), 1-11.
Doran, M. (2009). Tax penalties and tax compliance. Harvard Journal on Legislation, 46.
Edame, G. E. & Okoli, W. W. (2014). The impact of taxation on investment and economic development in Nigeria, Academic Journal of Interdisciplinary Studies, 3 (4), 209-218. https://doi.org/10.5901/ajis.2014.v3n4p209
Ihenyen, C. J. & Mieseigha, E. G. (2014). Taxation as an instrument of economic growth (The Nigeria perspective), Information and Knowledge Management, 4 (12), 49-53.
Jakir, K. (2011). Role of Tax revenue in Economic Development. Journal of Accounting and Tax revenue, 3(5),91-104.
Kirchler, E., Muehlbacher, S., Kastlunger, B. & Wahl, I. (2007). A review of tax compliance decisions. Paper presented at the Conference on Tax Compliance and Evasion, Atlanta, Georgia, USA.
Macek, R. (2014). The impact of taxation on economic growth: A case study of OECD Countries, Review of Economic Perspectives, 14 (4), 309-328. https://doi.org/10.1515/revecp-2015-0002
McKerchar, M. (2002). The impact of complexity upon unintentional non-compliance for Australian Personal Income Taxpayers', PhD, UNSW.
Ogbonna, G. N. & Appah, E. (2012). Impact of tax reforms and economic growth of Nigeria, CurrentResearch Journal of Social Sciences, 4 (1), 62-68.
Oladipupo, A. O. & Obazee, U. (2016). Tax knowledge, penalties and tax compliance in small and medium scale enterprises in Nigeria. Scientific Research Publishing, 8(1), 1-9. https://doi.org/10.4236/ib.2016.81001
Palil, M. R. (2010). Tax knowledge and tax compliance determinants in the self-assessment system in Malaysia.A thesis submitted to the University of Birmingham.
Poulson, B. W. & Kaplan, J. G. (2008). State income taxes and economic growth. Cato Journal, 28 (1), 53-71.
Sanni, A. U. (2007): Tax Reform in the Capital Market: A Welcome Development. Seminar Paper Ogun State Internal Revenue Service Seminar.
Sanni, A. (2012). Current law and practice of value-added tax in Nigeria. British Journal of Arts and Social Sciences, 5(2), 186-201.
Sheikh-Obid, S.N. (2014). The influence of penalties on taxpayer compliance: A comparison of the theoreticalmodels. IIUM Journal of Economics and Management, 12(1), 1-30.
Tawose, J. O. B. (2012). Effects of Bank Credit on Industrial Performance in Nigeria. Internal Business and Management Journal, 4(2),158-168.
Umoru, D. & Anyiwe, M. A. (2012). Tax structure and economic growth in Nigeria: Disaggregated empirical evidence, Research Journal of Finance and Accounting
Usman,T.& Anao,A.(2015).Impactoftheadoptionofself-assessmentsystem(SAS)forcompanies incometaxationinNigeria.ICANJournalofAccountingandFinance,4(1),100-112.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 UMYU Journal of Accounting and Finance Research
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
