INTERNATIONAL JOURNAL OF ACCOUNTING, FINANCE AND MANAGEMENT (IJAFM)
DIGITAL PAYMENT AND TAX REVENUE IN NIGERIA
E-ISSN: 5669-4522
P-ISSN: 2567-3562
DOI: https://iigdpublishers.com/article/1594
The study examined the relationship between digital payments and tax revenue in Nigeria. Data were obtained from the Federal Inland Revenue Service the questionnaire administered on the management staff at the various corporate offices. Secondary data on tax revenue were also obtained from the Federal Inland Revenue Service website. Analyses of data were performed with Pearson‟s Product Moment Correlation and Multiply Regression using the Statistical Package for Social Sciences version 21.0 and E-view version 10. Findings indicate that digital payments significantly influence capital gains tax. The finding of the study supports the finding of Oseni (2016), who conducted a study with the objective of assessing the effect of ICT on tax administration in Nigeria. The study concludes that digital payment has a significant impact on tax revenue in Nigeria. Based on the findings, the study concludes as follows: Provision should also be made in the Finance Act in taxing capital gains on online investments, block chain transactions and cryptocurrencies. Staff of the Federal Inland Revenue Service (FIRS) should be trained in big data analytics, data mining, block-chain technologies, automation, robotics. cloud computing and artificial intelligence to be able to interrogate, and access on me capital gains taxes and other digital related taxes. Also, Introduction of social media and mobile application taxes in the Finance Act. Will boost VAT revenues. Significantly, the social media and mobile application taxes are consumption taxes in the nature of excise duty. Excise duties are relatively easy to administer which makes them the preferred tool for countries with low administrative capacity.
Ajinwo Bright PhD, ACA, ACTI & Isijola Blessing G.O. ACA, FCTI
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