Critical Evaluation Of Nigeria'S New Tax Reforms: Implications Of Excessive Bank Transfer Charges, And Double Taxation On Citizens Earnings Amidst Hardships In Nation'S Beleaguered Economy
Ass. Professor Orie, Sylvester Okorie, PhD, MSc, MPA, MBA, PGD, BSc, CNA, FCNA, FNIM, FCAI.
Department of Public Administration & Policy Studies, Tansian University Umunya, Anambra State, Nigeria.
Keywords: Equity, Efficiency, Transparency, Accountability, Fairness, Sustainability
Abstract
This study focuses on the critical evaluation of the new Tax reform laws and Implications of the burden on individual income earners, business and society particularly the poor. The main objective of this study is to investigate the impact of tax reforms on economic growth and development in Nigeria. The study employed a quantitative research approach, utilizing a descriptive research design, and relied on secondary data sources, including publications from the International Monetary Fund, World Bank, and Nigerian Investment Promotion Commission. The data collected was analyzed using statistical tools, including regression analysis and descriptive statistics. The study adopted the Ability-to-Pay Theory of taxation, which posits that taxation should be based on an individual's ability to pay. The Yaro Yamane mathematical tool was applied to determine the sample size, and the Statistical Package for Social Sciences (SPSS) was used to analyze the data. The study's findings revealed that tax reforms have a significant impact on economic growth and development in Nigeria, tax evasion and avoidance are major challenges facing the Nigerian tax system, and tax administration in Nigeria can be improved through the use of technology and human resources. The study recommends that the government should continue to review and improve the tax system to ensure that it is fair, efficient, and effective in promoting economic growth and development, and take steps to reduce tax evasion and avoidance, and improve tax administration. Tax reforms are crucial for Nigeria's economic growth and development, and the government should prioritize effective implementation and management of tax policies to achieve sustainable economic development. Effective tax reforms are a panacea for Nigeria's economic growth and development.