Effect of value added tax on internally generated revenue in Lagos state, Nigeria Department:Accountancy By: kunledavid Project ID: 5678 Rating: (3.2) votes: 11 Price:₦3000 Get the Complete MaterialAbstractThe study examined the impact of value added tax on the internally generated revenue of Lagos State for a 10-year period ranging between 2012 and 2021. The study established that VAT is a consumption tax on economic operations including imports. VAT, being an indirect tax, attracts a flat rate of 5% and is collected on behalf of the government by businesses and organizations who have registered with the Federal Inland Revenue Services (FIRS) for VAT services. The study adopts secondary data, precisely panel data. The analysis of data was carried out by the descriptive and inferential statistics are employed to analyze the data. In furtherance, the multiple linear regression analysis is adopted to estimate the coefficient of parameter estimates in the models specified. Data on the variables were obtained from the Lagos State Bureau of Statistics and Lagos State Board of Revenue. IGR was contextualized as the summation of Ministries, Department and Agencies (MDAs) Revenue, Pay-as-you-earn (PAYE), road taxes, direct assessment and other taxes. A model was specified in which IGR is expressed as a function of VAT. The model was estimated by the use of simple linear regression analysis. The results revealed that VAT has a significant positive impact on IGR in Lagos State. A billion naira increase in VAT is expected to increase Lagos State’s IGR approximately by N7.39 billion. Furthermore, it was found that about 92.6% variation in IGR is explained by VAT. The study concludes that value added tax contributed enormously to internally generated revenue of Lagos State government between 2012 and 2021. To this end, the study suggested amongst others that the Lagos State government should enact fiscal laws and legislations and strengthen existing ones in line with macroeconomic objectives of economic growth, full employment, financial independence and price stability...Preview Download Preview +Other Accountancy project topics and materials you might be interested in»The Impact of Accounting Ratio in Decision Making ( A Case Study of Nigeria Breweries Plc Enugu) »The impact of budget and budgetary control in tertiary institutions ( A Case study of imo state university )»Internal control as a tool for improving profitability»The role of financial institutions in the development of Nigeria economy»Impact of computerization of accounting system of commercial banks ( A case study of union bank plc )»The Impact of product development on banks performance ( A Case study of first bank plc )»Role of good accounting system in the management of private enterprise in Nigeria ( A Case Study of Nwaogo pam paper mills limited )»Effects of standard costing on the profitability of manufacturing companies (a case study of nigerian breweries plc, Ama, Udi local government of Enugu state) »The role of accounting system in measuring organizational performance of transport company ( A Case study of ABC Transport )»Auditing in Nigeria companies, problems and prospects»Effective internal control as an aid to management efficiency ( Case Study of Nigeria Bottling Company Owerri )»The effects of computerized accounting system on the performance of banking industry in Nigeria»Effect of misrepresentation of information in a financial statement»The impact of development finance institutions (DFIS) in economic development of Nigeria»An appraisal of fraud prevention measures in Nigerian banking sector ( Case study of access bank plc owerri )