Impact of tax reforms on revenue generation in Anambra state: An empirical evidence from a time series approach

Abstract

The study looked at the impact of federally collected taxes on revenue generation in Nigeria from 1992 to 2016 with the specific goals of determining if there was a meaningful connection between federally collected taxes and revenue generation in Nigeria using Petroleum Profit Tax, Companies Income Tax and Value Added Tax, as stand-ins. Central Bank of Nigeria (CBN) and Federal Inland Revenue Services (FIRS) provided secondary data for this report. Ex-post facto ordinary least square regression (OLS) was utilized in the research design as a preliminary test, and the augmented dickey fuller (unit root) test was used to determine whether the time series variables were stationary. The results revealed that every factor that was looked at had a positive impact, with the exception of customs and excise duties, which had a negative impact on revenue generation in Nigeria. Government should always put measures in place that will always ensure full tax compliance from companies in the area.