IMPACT OF VOLUNTARY ASSETS AND INCOME DECLARATION SCHEME (VAIDS) ON TAX REVENUE AND ECONOMY IN NIGERIA

Abstract

The broad objective of this study is to examine the impact of tax reforms on revenue generation in Nigeria. The study specifically ascertained this broad objective by examining the impact of tax reforms of petroleum profit tax, company income tax and value added tax toward revenue generation in Nigeria. Secondary data was obtained from the Central Bank of Nigeria and the Federal Inland Revenue Service. The paired sample T test was used to ascertain the pre and post effect of tax reforms on revenue generation in Nigeria. The study found that there is a significant difference in PPT between the period of 2010-2014 and 2017-2021 towards revenue generation in Nigeria; there is a significant difference in CIT between the period of 2010-2014 and 2017-2021 towards revenue generation in Nigeria; and there is a significant difference in VAT between the period of 2010-2014 and 2017-2021 towards revenue generation in Nigeria. The study recommends that the federal government through its agency on tax and finance should sustain the current revenue generation drive in order to improve revenue generation