International Financial Reporting Standard (IFRS) Adoption and Revenue Generation: A Descriptive Study of Nigeria and Ghana (Published)
Years after the inception of International Financial Reporting Standards (IFRS), most countries of the world now permit its utilization in their countries including West Africa countries such as Nigeria and Ghana. However, some countries of the world still have not subscribed to the IFRS situation. It is thus necessary to examine the situation of things with the countries that have adopted to know if the adoption has contributed to their growth favourably or adversely. This study adopted expost facto research design to examine how IFRS has influence Revenue base of the selected countries (Nigeria and Ghana). The study concludes that it is in the best interest of developing countries to adopt IFRS. The IFRS ship is already making its way around the world as a single set of high quality global accounting standards and also facilitating revenue flow into the country. Therefore, the earlier other countries come on board, the better for them.
Keywords: Adoption, Ghana, International Financial Reporting standard, Nigeria, Revenue Generation, descriptive study
Impact of Taxpayer Identification Number on Revenue Generation in Ekiti State (Published)
This study examined the impact of taxpayer identification number on revenue generation in Ekiti state, over the period of 10 years covering 2006 to 2015. Specifically, the study examined the trend of internally generated revenue over the period covered and investigated the impact of full adoption of taxpayer identification number on the revenue generated in Ekiti state, using a single equation model in which revenue generation proxies by internally generated revenue (IGR) was made a function of full adoption of TIN as latent variable, alongside capital expenditure as a control variable. Ordinary least square regression estimation technique was used. The result revealed that full adoption of taxpayer identification number exerts a significant positive impact on internally generated revenue of the state, given a coefficient estimate and probability values of 5031.843 and 0.0182 respectively. It was concluded that full adoption of taxpayer identification number in Ekiti state has the capacity to spur revenue generation. Thus, it was recommended that government through the state internally generated revenue services should work out modalities necessary to ensure that all taxable persons and/or business entity collect an identification number so as to further maximize the positive impact of the TIN.
Keywords: Revenue Generation, Taxpayer, Taxpayer Identification Number (TIN)
Effects of Value Added Tax and Custom Duties on Revenue Generation in Nigeria (2000-2016) (Published)
The study examined value added tax and customs duties on revenue generation in Nigeria. Secondary data was sourced from Federal Inland Revenue Service (FIRS) ranging from 2000 to 2016. Autoregressive Distributed Lag (ARDL) and Granger causality tests were used as the estimation techniques. The findings of the study revealed that the F-statistics value was 2.883868 which is lesser than both the lower bound and the upper bound values of 3.79 and 4.85 respectively at the 5percent level of significance which implies that there is no long-run relationship among value-added tax, customs duties and revenue generation. It was equally revealed that there is no causality among value-added tax, customs duties, and revenue generation. The study concluded that value-added tax and customs duties no significant effect on revenue generation and there is no long-run relationship among value-added tax, customs duties and revenue generation in Nigeria during the study period. Thus, it is recommended that the fiscal policy should discourage tax avoidance by emulating measures for compliance of value added tax and customs duties
Keywords: Custom and Excise duties, Revenue Generation, Tax, Value Added Tax