Value Added Tax (VAT) and Its Impact on Small and Medium Enterprises in Nigeria (Published)
This study investigates the multi-faceted impact of Value Added Tax (VAT) on Small and Medium Enterprises (SMEs) within the Nigerian context, with a significant emphasis on both the revenue-generating advantages that it offers and the myriad challenges that it creates for the operational activities of these enterprises. As much as VAT is an important and essential source of income for the government, it must be noted that SMEs are confronted with excessive compliance expenses, complicated and laborious filing procedures, and the burden of multiple taxation systems. All these factors all serve as significant obstacles that limit their growth prospects and create a threat to their overall financial sustainability in a competitive business environment. The study employs mixed-method research, analyzing secondary data and contrasting Nigeria’s VAT regime with international best practices, such as the UK, New Zealand, and the EU. The study finds that streamlining VAT processes, broadening the tax base, and leveraging digital tax administration can minimize SME tax burdens without compromising fiscal effectiveness. Policy recommendations include tax education programs, small business exemption programs, and gradual VAT modification to balance between revenue needs and economic feasibility. A VAT system that is streamlined to reduce the cost of compliance and enhance administration effectiveness can pave the way to a more SME-friendly environment and encourage business and national economic expansion.
Keywords: Revenue Generation, Small and Medium-Enterprises (SMEs), Value Added Tax (VAT), economic growth, tax compliance
Impact of The Legal Environment On Nigeria’s National Economic Development (Published)
This study examined the impact of legal environment on Nigeria’s national economic development. The Environment plays significant role in the development of the economic advancement of any nation, as the natural resources like fossil fuels and minerals bring about the production of goods and services. A healthy environment provides necessities like clear water, good food and clean air; and provides ways to fight natural hazards. Thus, laws have been put in place to protect our general safety, ensure our rights as individuals are not threatened by our environments, organizations or by the government itself. Enforcing these laws, rules and regulations is good for growth and economic development. The study embraced a doctrinal approach making use of laws, legislations and related literature. It was found out despite environmental laws and assessment in place to enhance economic growth, the Nigerian environment is not there yet there as there exist absence of a safe and conducive environment which can bring about economic growth and development. It was also found out that despite the myriad of laws and legislations that are meant to safeguarding the environment, there had been little or no significant economic growth as a result of ineffective prosecution of environmental offenders, constant pollution, exorbitant cost of pollution control equipment and gas flaring amongst others. The study concludes by proffering recommendations, which if adhered to would advance economic growth and development.
Keywords: Environment, Impact, economic growth, environmental laws