Tax Identification Number and Non-Oiuta Revenue: A Comparative Analysis of Pre and Post Tin Advanced Taxation Management (ACC 921)

  • Ngozi G. Iheduru Associate Professor, Department of Accountancy, Faculty of Business Administration, Imo State University, Owerri, Nigeria
  • Obioma O. Ajaero M. Sc. ,Department of Accountancy, Faculty of Business Administration, Imo State University, Owerri, Nigeria
Keywords: Tax Identification Number, Non-oil tax Revenue, Company Income Tax, Value Added Tax, Tertiary Education Tax.

Abstract

Non-oil tax revenue constitutes an integral part of the total revenue of Nigeria. It is expected that the introduction of the Taxpayer Identification Number (TIN) will have a significant effect on total non oil tax revenue since more companies would be captured by the tax net. This paper therefore set out to empirically investigate the effect of TIN on non oil tax revenue through a comparative analysis of pre and post TIN years of 2000 to 2015. Data was collected from Central Bank of Nigeria (CBN) Statistical Bulletin. The study employed both descriptive and pairwise t-test statistical techniques for analyses with total non-oil tax revenue as the dependent variable while CIT, VAT and TET were the independent variables. Findings showed that there has been a significant increase in total non-oil tax revenue with the introduction of TIN. Also, revenue generated from CIT and TET after the implementation of TIN improved significantly. VAT revenue however, did not improve after the implementation of TIN. Recommendations include that the VAT base needs to be enlarged through electronic capture of all VATable persons.

References

Abiola, J. &Asiweh, M. (2012). Impact of Tax Administration on Government Revenue in a Developing Economy - A Case Study of Nigeria, International Journal of Business and Social Science, 3(8), 99-113.
Anyanwu, J. C. (1997). Nigerian Public Finance. Onitsha: Joanne Educational Publisher.
Asaoiu, T. O., Dopemu, S. O. & Monday, J. U. (2015). impact of Tax Reforms on RevenueGeneration in Lagos State: A Time Series Approach, Research Journal of Finance and Accounting, 6(8).
Azubuike, J. U. B (2009). Challenges of Tax Authorities, Tax Payers in the Management ofTax Consultants, Option Revisited. European Journal of Social Sciences, 8(4), 532-539.
Bhatia, H. L. (2009). Public Finance. New Delhi: VikasPubishing House PVT Ltd. Centra! Bank of Nigeria (2010). Annual Report and Financial Statements.
Chigbu, E. E.;Akujobi, L E., &Appah, E. (2012). An Empirical Study on the Causality BetweenEconomic Growth and taxation in Nigeria, Current Research Journal of Economic Theory4(2), 29-38.
Doki, No. 0 &Abubakar, S. (2015). The Potential of Income Tax on the Search for SustainableAlternative Financing in Nigeria, Journal of Emerging Trends in Economics andManagement Sciences, 6(7): 199-206.
Ezugwu, C. I &Agbaji, J. (2014). Assessment of the Application of Taxpayer IdentificationNumber (TIN) on Internally Generated Revenue in Kogi State for the Period of (2003-2012), Mediterranean Journal of Social Sciences, 5(20).
FIRS (2012) Federal Inland Revenue Service and Taxation Reforms in Democratic Nigeria.Retrieved May 24th, 2018 from www.firs.gov.ng Harrison, F. (2002) Tax Policy and Investment, Cincinnati: Free Press.
Madugba, J. U., Ekwe, M, C, &Kalu, J. M. (2015). Corporate Tax and Revenue Generation:Evidence from Nigeria, Journal of Emerging Trends in Economics and ManagementSciences, 6(5), 1-7.
National Tax Policy for Nigeria (2013), Final draft submitted to the Federal Executive Council, 1-80.
Odularu, G.O. (2008). Crude oil and Nigeria's Economic Performance, World Trade OrganisationCentre WiliamRappard, Rue de Lausanne, 3(4).
Ofurum, C. N., Amaefule, L I., Okonya, B. E., and Amaefule, H. C. (2018). Impact of E-TaxationOn Nigeria's Revenue and Economic Growth: A Pre-Post Analysis, International JournalOf Finance and Accounting, 7(2), 19-26.
Ojo, S. (2008). Fundamental Principles of Nigerian Tax, Second Edition. Omesi, I &Nzor, N. P (2015) Tax Reforms in Nigeria: Case for Value Added Tax (VAT}, AfricanResearch Review, 9(4), 1-11.
Onaolapo, A. A., Aworemi, R. J. &Ajala, 0. A. (2013). Assessment of Value Added Tax and itsEffects on Revenue Generation in Nigeria, International Journal f Business and SocialScience, 4(1), 1-6.
Oriakhi, D. E. &Ahuru, R. R. (2014). Impact of Tax reform on Federal Revenue GenerationIn Nigeria. Journal of Policy and Development Studies, 9(1), 157-385.
Oyedele, T. (2015). "Guess How Many Nigerians Pay Tax and How Our Government SpendsThe Money". Retrieved from www.pwc.com on May 28th, 2018.
Smatrakalev, G. (2006). Tax Policy for Small and Medium Enterprises. Paper Delivered at the6th Global Conference on Business and Economics. Gut Man Conference Center, U.S.A.
Published
2018-10-11
How to Cite
Iheduru, N. G., & Ajaero, O. O. (2018). Tax Identification Number and Non-Oiuta Revenue: A Comparative Analysis of Pre and Post Tin Advanced Taxation Management (ACC 921). International Journal of Accounting & Finance Review, 3(1), 48-58. https://doi.org/10.46281/ijafr.v3i1.30
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper