Assessment of the Impact of Tax Revenue on Economic Development in Federal Capital Territory, Abuja, Nigeria
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Abstract
The study examined the impact of Tax Revenue on Economic development in the federal Capital Territory, Abuja, Nigeria. Crossectional survey research design was utilised. The variable in the model include company income tax (CIT)personal income tax (PIT) and value added tax (VAT). These were captured in the model as the explanatory variable as obtained from the federal Inland Revenue Service (FIRS) publication. The target population of the study covered 5 Agencies ((Custom, Federal Inland Revenue, Zenith Carriage, Brother Nigeria Limited Education) within FCT, Abuja with a population 656 respondents in order to know the impact of tax revenue on economic growth in FCT, Abuja. The sample size is a smaller set the larger population. The total number of respondents were sampled using multiage-simple random sampling technique to sample 250 respondents with 4 agencies. Qustionnaire was used as an instrument for data collection. The model adopted for the study was Autoregressive distributed lag model in relation with Chi-square for the analysis. Findings from this study show that company income tax (CIT), personal income tax (PIT) and Value added tax (VAT) were statistically insignificant on internallly generated revenue (IGR) (proxy for economic development) in federal Capital Territory.