VALUE-ADDED TAX AND ECONOMIC GROWTH:  A STUDY OF NIGERIA AND UNITED KINGDOM

ABOLADE FRANCIS AKINTOLA; BOLA OLATUNBOSUN AROYEWUN; TIMOTHY ADISA SOETAN

doi:10.5281/zenodo.13372594

VALUE-ADDED TAX AND ECONOMIC GROWTH: A STUDY OF NIGERIA AND UNITED KINGDOM

Authors

ABOLADE FRANCIS AKINTOLA Babcock University, Department of Finance https://orcid.org/0009-0004-8806-3010
BOLA OLATUNBOSUN AROYEWUN Babcock University, Department of Economics https://orcid.org/0000-0002-2944-8496
TIMOTHY ADISA SOETAN Babcock University, Department of Business Administration & Marketing https://orcid.org/0000-0003-3594-3837

DOI:

https://doi.org/10.5281/zenodo.13372594

Keywords:

Value Added Tax, Tax Revenue, Gross Domestic Product, Economic Growth, Nigeria, United Kingdom

Abstract

The study was carried out to do a comparative analysis of the impact of Value Added Tax (VAT) on the economic growth of Nigeria and the United Kingdom. The study adopted an ex post facto research design. The study population covers all VAT, total tax revenue, and gross domestic product in Nigeria and the United Kingdom from 2007-2022. Data used for the study were obtained from the Central Bank of Nigeria Statistical Bulletin and Her Majesty Statistics for Revenue and Customs (HRMC). The hypotheses were analyzed using simple regression analysis of the Ordinary Least Square method (OLS). Results obtained from the analysis showed that value-added tax has a significant impact on the economic growth of both countries. Total tax revenue also has a significant impact on economic growth. The study recommended that the government should be more focused on the collection of VAT and other taxes and channel such revenue into the establishment of infrastructure to enhance economic growth.

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Published

2024-08-26

How to Cite

AKINTOLA, A. F., AROYEWUN, B. O., & SOETAN , T. A. (2024). VALUE-ADDED TAX AND ECONOMIC GROWTH: A STUDY OF NIGERIA AND UNITED KINGDOM. GVU Journal of Management and Social Sciences, 9(1), 153–170. https://doi.org/10.5281/zenodo.13372594

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Vol. 9 No. 1 (2024): GVU Journal of Management and Social Sciences (Formerly SAU Journal of Management and Social Sciences)

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