Input-Output Credit Adjustment And Value Added Tax Rate Inrement In Developing Economy.
Journal Title: International Journal of Humanities and Social Science Invention - Year 2018, Vol 7, Issue 7
Abstract
This paper attempted to examine the input-output credit adjustment policy on value added tax administration in developing economy using Nigeria as a case study. Series of Value Added Tax Act provisions especially Section 34 (a) of Nigeria were examined in order to access the challenges and prospects of the recent rate increment proposed from 5% to between 10% – 20% in Nigeria. Descriptive statistical method of simple percentage method (SPM) and the Likert – scale rating were used to measure the intensity of the effect of the policy amendment.The paper revealed that VAT rate increment is normal but ill-time and could be counterproductive since cost of goods, services and consumables were on the high side while basic physical infrastructures that was supposed to be an instrument of strong competitiveness with sound productive capacity building are lacking in the economy.The study recommends more time, adequate public sensitization, strong capacity building and sufficient tax professional input before the rate increment amendment policy could be implemented successfully in any developing Nations..
Authors and Affiliations
Adesola Adebayo Akande (Ph. D), Adedigba Peter Adewumi (Aca. Acti), Idowu Babatunde Awe
Keywords
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