Tax Amnesty and Taxation Revenue: Nigeria’s Voluntary Assets and Income Declaration Scheme (Vaids) in Retrospect

This work adopted the ordinary least square (OLS) method to examine Voluntary Asset and Income Declaration Scheme (VAIDS) of the Nigerian government executive order six as a form of tax amnesty and its impact on tax revenue of Value Added Tax (VAT) and Personal Income Tax (PIT) in retrospect. The data of this study were obtained mainly from secondary sources from Federal Inland Revenue Service reports and Central Bank of Nigeria (CBN) statistical bulletin. Econometric models/packages were used in this work. The result of the findings reveal that Voluntary Assets and Income Declaration Scheme (VAIDS) had a significant impact on VAT while Voluntary Assets and Income Declaration Scheme (VAIDS) did not have any significant impact on personal income tax. This work recommends that the Voluntary Assets and Income Declaration Scheme should be modified to be a permanent programme as a separate body or a Department Federal Inland Revenue Service should be set up to inspect and ensure the smooth running of the programme and the regulatory bodies should ensure that it implement policies that will reduce the loop holes in tax laws which tax payers capitalized on to evade tax. Keywords: VAIDS, Tax, VAT, PIT, FIRS DOI: 10.7176/RJFA/12-16-08 Publication date:August 31st 2021

Adoption of Treasury Single Account (TSA) and Economic Growth of Nigeria: A Reappraisal

The study reappraised the effect of Treasury Single Account (TSA) on economic growth of Nigeria. The major objective was to ascertain whether there is a significant relationship between Federal Government total revenue within the TSA period and the Gross Domestic Product of Nigeria. Other objective was to investigate the difference existing between Federal Government total revenue Pre and Post TSA periods in Nigeria. The research design for this study was expo-facto. The work adopted secondary data generated from CBN Statistical Bulletin. The data used were those of Federal Government total revenue and Nominal GDP from 1981_ 2021. Ordinary Least Square analysis techniques was employed and run on E- views 10 for the regression analysis while T-test was adopted for the Pre-Post analysis in addition to other diagnostic techniques applied in the study. Results showed that there is a significant relationship between FG total revenue within the TSA period and GDP; it was also revealed that there is a significant difference in FG total revenue between the Pre TSA and Post TSA periods. This study recommended among others that Implementation of Treasury Single Accounts (TSA) policy should be sustained across all sectors of the economy; no doubt it will improve economic growth of the country and also that other loopholes should be avoided through TSA to further enhance the GDP of the country. Keywords: Total revenue, Gross Domestic Product, Treasury Single Account, Economic growth, Regression analysis DOI: 10.7176/RJFA/14-16-01 Publication date:August 31st 202