Conceptual Review of Tax Policy Reforms and Their Implications for Economic Development in Nigeria

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@article{1712412,
      author = {Thomas Effiok Raymond},
      title = {Conceptual Review of Tax Policy Reforms and Their Implications for Economic Development in Nigeria},
      journal = {Iconic Research And Engineering Journals},
      year = {2024},
      volume = {7},
      number = {9},
      pages = {604-608},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1712412.pdf},
      abstract = {This paper presents a thorough conceptual review regarding the impact of tax policy changes on economic development in Nigeria and the effect of recent tax reforms (2015 ? 2024). This review examines the impact of the urgent need to enhance domestic revenue mobilization due to the decline in oil revenue, increases in public debt, inflation, and continued macroeconomic volatility. This review examines the literature to outline the theoretical, empirical, and policy impacts of tax policy changes. This conceptual inquiry incorporates the study of secondary data and literature to uncover relationships between tax and economic development. The recent reforms, such as the National Tax Policy, New Finance Acts, and digital tax administration, have improved Nigeria?s revenue collection, compliance with tax obligations, and fiscal transparency. These reforms have a positive impact on the diversification of the economy and industrial development, and also contribute to the stabilization of the economy. The review also points out challenges like systemic tax evasion, administrative weakness, inconsistent policy, and a large informal sector, which are impactful on the effectiveness of tax reforms. The author articulates the belief that policy reforms go hand in hand with the institutional capability of the state, the need for accountability, the expansion of the tax base, the inclusion of the policy in the long-term framework, and sustainable development. The main points focus on the need to improve tax administration, the distribution of tax incentives, the control of tax evasion, and the inclusion of the informal sector. The review shows the significance of taxation in the advancement of Nigeria and presents the scope of future empirical work.},
      keywords = {Tax Policy, Taxation, Economic, Tax Incentives and Revenue},
      month = {March},
      doi = {https://doi.org/10.64388/IREV7I9-1712412}
  }