AN EXAMINATION OF CORPORATE TAX ON ECONOMIC GROWTH IN NIGERIA, (2018 – 2022)

Abstract

The study is titled“ An examination of corporate tax on economic growth in Nigeria, 2018 - 2022” the specific objectives were to: ascertain whether company income tax has significant influence on gross domestic product in Nigeria; ascertain whether petroleum profit tax has significant influence on gross domestic product in Nigeria; determine whether value added tax has significant influence on gross domestic product in Nigeria. The ex-post facto research design was adopted for the study to analysis the secondary data covering 2018 to 2022. The sources of data for this study were obtained from the statistical bulletin from Central Bank of Nigeria and reports of Federal Inland Revenue Service (FIRS). The study employed regression model based on the classical linear regression model otherwise known as Ordinary Least Square (OLS) technique. The empirical findings revealed that: Company income tax, Petroleum profit tax and, Value added tax has significant influence on gross domestic product in Nigeria since the significance value of (p-value) of 0.00 ˂ 0.05. This means that the model is statistical significant. in conclusion it therefore stated that overwhelming positive relationship between all the corporate tax sources including  company income tax, petroleum profit tax and, value added tax on Nigeria has significant influence on economic growth. It therefore recommends that to increase rate of growth of petroleum profit tax, the government should tackle the challenges that surround the generating of the revenue through company income tax, petroleum profit tax and, value added tax of the corporate bodies.