IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 10 NO. 4 2024
DOI: https://doi.org/10.56201/jafm.v10.no4.2024.pg160.175

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Electronic Taxation and Companies Income Tax in Nigeria

Dr. Oladele Olatunde FCA, Eyetuoma Oghenerukevwe Edna, Muhammad Shehu Garba, Dr. Prince Dordum ACA

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Abstract

This study investigate the connection between Nigeria's tax revenues and electronic taxes. A survey research method was adopted in the study, in which data were extracted from one hundred and fifty-eight (158) Federal Inland Revenue Service (FIRS) staff across Rivers State through a questionnaire. The study covers a period between the years 2016 and 2021. Analysis was performed using descriptive statistics and the Spearman rank-order correlation coefficient with the help of SPSS version 25.0. Findings indicate electronic taxation and company income tax show a statistically significant and strong positive relationship, while a statistically significant and moderately positive relationship exists between electronic registration and companies’ income tax. It was concluded that there is an indication of the prospects of the electronic tax system for improving tax revenues in Nigeria if it is sufficiently harnessed. Based on the findings, the study suggests that the Federal Inland Revenue Service should educate tax payers across the nation to raise people's understanding and awareness of how to use the electronic services that are offered on their platform. Also, the study recommends that the government should adopt steps to address issues such as lack of reliable internet, electricity, and power facilities, network challenges, and scepticism usually associated with new innovations so as to have the desired increase in tax revenue.

keywords:

Tax revenue, electronic registration, electronic payment, electronic taxing, company income tax.

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