THE IMPACT OF INFLATION BASED VALUE ADDED TAX REFORMS ON PRICE STABILITY IN SUGAR FIRMS A CASE STUDY OF WESTERN KENYA
Main Article Content
Abstract
Price stability refers to a condition where money maintains its value over a considerable period of time, by allowing money to mitigate cost efficiency, control inflationary trends and maintain economic developments, and investments. It is the reigning general price level in an economy, essential for fostering sustainable economic growth, reducing uncertainties, enhancing investment, and supporting long-term planning for households and businesses. Over the period 2019 to 2023, significant price fluctuations have been observed in the sugar sector, presumably attributed to implementation and compliance with aspects of VAT reforms (2018); including standardization of VAT rates at 16% and the expansion of the VAT base, with apparent increased cost of production inputs, such as fertilizers and machinery. Despite VAT reforms being implemented to enhance revenue collection from the proportionate cost to product values on marketed goods and services, it is unknown how compliance to the VAT reforms affect price movement in the economy. Specifically, there has been continued instability in sugar prices, affecting both producers and consumers’ returns and investment in the sugar sector. The purpose of this study is to assess the effect of Inflation based Value Added Tax (VAT) reforms on price stability within the sugar firms in western Kenya. The study will adopt a descriptive and causal-comparative research design. Census survey was employed to collect secondary data for the study. Secondary data, consisting of relevant inflation to sugar sector; consumer price sensitivity, input cost inflation, compliance cost, operation expense, input cost variation, administrative cost compliance, tax reporting efficiency, price volatility index, supply demand balance in the sugar industry. With data collected from key personnel from twelve sugar firms, each having 5 respondents, resulting in sixty respondents in total. Consisting of general managers, production managers, finance managers, and sales). The regression model showed a strong relationship, with an R Square of 0.624, indicating that 62.4% of the variance in performance is explained by the predictors. Inflation-based VAT reforms (B = 0.633, Beta = 0.297, p = .004), The study concludes that VAT reforms significantly impact performance, recommending a continued focus on targeted VAT adjustments to enhance stability in the sugar industry. The significance of this study lies in its potential to provide policymakers and industry stakeholders with empirical data on the effectiveness of VAT reforms, offering recommendations for more targeted tax policies that promote price stability and economic resilience in the sugar industry. This research is crucial as it addresses a gap in sector specific studies on how macroeconomic policies like VAT reforms directly impact pricing mechanisms in Kenya's sugar industry.
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References
Abubakar, I. (2020). The impact of value-added tax (VAT) on government revenue in Nigeria. International Journal of Accounting Research, 6(3), 1-8.
Adedeji, A. (2015). Income tax law for corporate and unincorporated bodies in Nigeria. Ibadan: Heineman Educational Books.
Adeleke, A. (1995). Value-added tax in Nigeria. Journal of the Business and Social Science, 12(1), 1201-1220.
Adereti, S.A & Adesina J.A (2011). Value Added Tax and economic growth of Nigeria.
Adesina, G. (2011). Public perception and attitude towards value-added tax in Nigeria. Journal of Public Economics, 33(1), 2071-2081
Adesina, S. A., Adewuyi, O. M., & Adebisi, A. A. (2021). Value-Added Tax (VAT) in Nigeria: A Review of the Fiscal and Economic Impacts. International Journal of Applied Economics, Finance, and Accounting, 6(1), 6-17. Role of Central Banks. African Development Bank.
Ajakaiye, O. (2000). Macroeconomic effects of vat in Nigeria: a computable general equilibrium analysis. Nairobi, Kenya.
Alade, S. (1993). The impact of value-added tax on economic growth in Nigeria. Journal of Business and Social Science, 3(8), 1000-1320.
Alemayehu, T. A., & Hailemariam, A. (2019). The impact of gross domestic product on tax revenue in Ethiopia. Journal of Accounting and Finance, 19(1), 49-59.
Allingham, M. & Sandmo, A. (1972). Income tax evasion: a theoretical analysis. Journal of Public Economics, 1(3), 23-338.
Alm, G., McClelland, H. & Schulze, D. (1992). Why do people pay taxes? Journal of Public Economics, 48(2), 21- 48.
Alm, J., Sanchez, I. & De Juan, A. (1995). Economic and noneconomic factors in tax compliance. Humanities and social Science Journal, 48(3), 3-18.
Al-Mulali, U., & Sheau-Ting, L. (2015). The impact of value added tax on government revenue. Journal of Applied Economics and Business Research, 5(3), 125-136.
Al-Mutairi, N. A. (2016). The impact of value added tax (VAT) on government revenue: The case of Kuwait. Journal of Applied Accounting Research, 17(2), 151-169.
Banda.F, Muleya and Kaliketa.M, ―Visualizing sales tax‖, Zambia Institute for Policy Analysis and Research (ZIPAR)
Bank for International Settlements. (2021). Monetary Policy and Financial Stability.
Bank for International Settlements.
Bank for International Settlements. (2022). Challenges for Emerging Markets. Bank for International Settlements.
Bickley, J. (1990). Statistical techniques for the social and management sciences. Lagos: Amfitop Books.
Bird, R. M., & Zolt, E. M. (2019). VAT in Africa: Lessons from a Decade of Reform. International Center for Tax and Development Working Paper, 91. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3481070
Blumenthal, M., Christian, C. & Slemrod, J. (1998). The determinants of income tax compliance: Evidence from a controlled experiment in Minnesota, National Bureau of Economic Research: Working Paper 6575, Massachusetts.
Bogetic, Z & Hassan, F (1993). Determinants of value-added tax revenue: a crosssectional analysis. Washington D.C. Working Paper 1203, World Bank.
Braithwaite, V. & Braithwaite, J. (2000). An evolving compliance model for tax enforcement. New York: Oxford University Press.
Budget speech: Delivered to the National Assembly, 2019. B. Ng’andu-Minister of Finance.
Budget speech: Delivered to the National Assembly, 28th September, 2018. M.Mwanakatwe-Minister of Finance.
Chanda, M. M., & Kasanda, M. C. (2018). The impact of value added tax on the economic growth of Zambia. Journal of Economics and Sustainable Development, 9(10), 33-40.
Chanda. K, 2018; ―Challenges of VAT system ―Zambia observer 2018.
Chinweobo, U. (2013). Value-added tax and economic growth of Nigeria. European Journal of Humanities and Social Sciences, 10(1), 456-471.
Chosen, A. (2000). Tax avoidance: The economic legal and moral interrelationship between avoidance and evasion. Institute of Economic Affairs, London.
Ciccarelli, M., et al. (2023). Climate Change and Inflation: Mechanisms and Implications. Journal of Climate Economics.
Cnossen, S. (2017). VAT in Developing Countries: Revenue Performance and Policy Issues. International Tax and Public Finance, 24(4), 672-701. doi:10.1007/s10797-017-9465-9
Cooter, R., & Ulen, T. (2019). Law and economics. Pearson.
Cutt, J. (1969) Impact of tax administration on government revenue in a developing economy. A case study of Nigeria. International Journal of Business and Social Science, 3(8), 200-250.
Emmanuel, U. (2013). The effects of value-added tax on the economic growth of Nigeria. Journal of Economics and Sustainable Development, 4(6), 190-201.
European Central Bank. (2020). Price Stability and Economic Growth in the Eurozone. European Central Bank.
Gcabo, B. (2012). Impact of fiscal policy on economic growth in Iran with emphasis on the role of value-added tax. Journal Advances in Environmental Biology, 6(2), 916-919.
Ghana Revenue Authority. (2019). VAT Reform and Economic Stability in Ghana. Ghana Revenue Authority.
Iorun, S. (2012). An analysis of the classical VAT as operated in selected countries. Unpublished seminar paper, Obafemi Awolowo University Ife. Nigeria.
James, S. & Nobes, C. (1992). Taxation: Theory and practice. London: Prentice-Hall.
James, S., Murphy, K. & Reinhart, M. (2005). Taxpayers' beliefs and views. Economic Development Journal, 2(1), 130-150
Jones, S. (2019). Economic uncertainty and tax revenue: Evidence from OECD countries. Journal of Economic Policy Reform, 22(4), 345-362.
Jones, T., & Williams, L. (2019). The impact of inflation on revenue collection in a developing country context. Journal of Developing Areas, 53(4), 149-163.
Kenya Revenue Authority. (2018). VAT Reforms and Economic Impact in Kenya. Kenya Revenue Authority.
Kenya Revenue Authority. (2020). Expansion of VAT Base and Its Effects. Kenya Revenue Authority.
Kim, S., Lee, J., & Park, Y. (2020). Inflation and government revenue: Evidence from OECD countries. Applied Economics Letters, 27(5), 379-383.
Kirchler, E., Maciejovsky, B. & Schneider, F. (2001). Mental accounting and the impact of tax penalty and audit frequency on the declaration of income: An experimental analysis. Humboldt: University of Berlin.
Kumar, A. (2021). Impact of GDP on tax revenue. International Journal of Management Studies, 8(2), 71-75.
Lee, K., & Park, J. (2017). The relationship between inflation and government revenue: A nonlinear analysis. International Journal of Economics and Finance, 9(1), 19-29.
Lee, S., & Lee, K. (2017). The effect of inflation on tax revenue in Korea: A timeseries analysis. Korean Economic Review, 33(2), 289-311.
Liew, Y. X., & Liew, V. K. (2018). The impact of value added tax (VAT) on government revenue in Malaysia. Journal of Applied Accounting Research, 19(2), 200-211.
Loveday, A. & Nwanyanwu, C. (2015). Value-added tax administration in Nigeria. Journal of Applied Economics and Finance. 2(4), 35-100.
Maries, A., & Alwell, R. (2013). VAT and Price Stability: Evidence from Kenya. Economic Analysis and Policy.
McGill, G. (1983). The CPA’s role in income tax compliance: An empirical study of variability in recommending an aggressive tax position. Texas: Texas Tech. University.
Muhammed, A. (1995). Value-added tax in Nigeria. The financier, the pearl of student Journal Business and the social science University of Ilorin.
Mukherjee, A., & Ouattara, B. (2021). Climate Change and Inflationary Pressures. Environmental Economics Journal.
Mukhtar, S., & Ismail, A. (2020). The impact of value-added tax on government revenue in Pakistan. International Journal of Accounting and Financial Reporting, 10(1), 289-300.
Mulenga, M., & Kalyati, S. (2020). Value added tax compliance challenges in Zambia: A study of small and medium enterprises in Lusaka. International Journal of Academic Research in Accounting, Finance and Management Sciences, 10(3), 87-98.
Mwaba, J., & Sakala, P. M. (2019). An assessment of the implementation of valueadded tax in Zambia: The case of the Copperbelt province. International Journal of Advanced Research in Management and Social Sciences, 8(3), 156- 169.
Mwega, F. M., & Mutulei, N. (2015). The impact of value added tax on government revenue in Kenya. Journal of Economics and Sustainable Development, 6(6), 117-126.
Mwelwa, M. C. (2019). Value added tax compliance determinants in Zambia: A case of selected small and medium enterprises in Lusaka. International Journal of Scientific and Research Publications, 9(3), 486-496.
Ngele, J. N., Edeh, S. N., & Okoro, C. O. (2021). Value Added Tax and Government Revenue Generation in Nigeria: An Empirical Analysis. Asian Journal of Economics, Business and Accounting, 22(2), 1-12.
Obiageli.G.2011; Analysis of Value Added Tax and its impact on the Nigerian economy, Masters Thesis, University of Nigeria, Nigeria.
Odusola, A. (2006). Tax policy reforms in Nigeria. World institute for development economics research, Research paper number 2006/3, United Nations University.
Ogbonna, G. & Appah, E. (2012). Impact of tax reforms and economic growth of Nigeria: a time series analysis. Research Journal of Social Sciences, 4(1), 62- 68.
Okafor, F. (2013). General Concepts and Financial Implications of Taxation. Obafemi Awolowo University: Ile-Ife, Nigeria.
Okele, R. (2003). Expert intermediaries and legal compliance. The case of tax preparers. Journal of Law and Economics, 34(1), 205-229.
Ola, J. (2001). The effect of tax compliance on economic growth and development in Nigeria, British Journal of Arts and Social Sciences, 11(2), 210-250.
Olaoye, C. (2014). An assessment of the administration of value-added tax as a source of revenue generation in Nigeria (Unpublished master’s thesis). University of Ilorin: Ilorin, Kwara State, Nigeria.
Olawale, L. S., Olamide, O. A., & Maku, O. E. (2021). Gross Domestic Product Risk and Revenue Collection: Evidence from Nigeria. Journal of Economics and Sustainable Development, 12(9), 1-11.
Onaolapo, A., Aworemi, R. & Ajala, O. (2013). Assessment of value-added tax and its effect on revenue generation in Nigeria. International Journal of Business and social sciences, 4(1), 220-225.
Oraka, P., Azubike O., Okegbe, T. & Ezejiofor R. (2012). Effect of value-added tax on the Nigerian economy. European Academic Research, 4(2), 400-500.
Ormaehea S.A & Morozumi A 2019, The Value Added Tax and its growth. Pages 330334.
Overview of Tax Administration and the three tiers of government in Nigeria. Institute of Chartered Accountant of Nigeria (ICAN) student’s journal, 2(2) 300-350. Raimi, A., & Yusuf, S. A. (2018). The impact of value-added tax on government revenue in Nigeria. Journal of Accounting and Taxation, 10(3), 24-33.
Richard, A. M. (1959). Value-added Tax, the facts of a Positive Tax in Nigeria. KUPANG Public Affairs.
Richard, A. M. (1972). Value-added tax and economic development. National Tax Journal, 25(3), 425-430
Richard, A. M. (2000). The impact of value-added tax on Nigeria's economic growth. European Journal of Business and Management, 7(9), 100-200
Richard, B. (1993). An empirical assessment of tax mentality. Public Finance Journal, 2(2), 245-257.
Robert, M. (2001). Individual taxpayers’ attitude and compliance behaviour in Nigeria: The moderating role of financial condition and risk preference. Journal for Accounting and Taxation, 3(5), 91-104.
Rostanmi, A., Nourbakhsh, F. & Akbarian, H. (2012). Impact of fiscal policy on economic growth in Iran with emphasis on the role of value-added tax (VAT). Journal on Advances in Environmental Biology, 6(2), 916-919.
Sam, A. (2013). The role of value-added tax in the economic development of Nigeria. International Journal of Research in Computer Application & Management, 1(1), 550-650.
Saonee, S. (2003). The Problems of Tax Administration. Latin America, Baltimore: John Hopkins Press.
Schoeman, A., Evans, C. and du Preez, H. (2021), "The Effect of Changes in the Valueadded Tax Rate on Tax Compliance Behaviour of Small Businesses in South Africa: A Field Experiment", Hasseldine, J. (Ed.) Advances in Taxation (Advances in Taxation, Vol. 29), Emerald Publishing Limited, Leeds, pp. 65-88.
Shall, M. & Shivazi, V. (2014). An empirical examination of value-added tax to the development of the Nigerian economy. Journal of Business and Management, 2(1), 1000-1100.
Smith, A., Brown, B., & Johnson, C. (2018). The impact of economic uncertainty on tax revenue: Evidence from the United States. Journal of Public Economics, 167, 47-55.
Smith, D. (2018). Tax rate structure and revenue collection: An empirical analysis. Journal of Economic Policy Reform, 21(4), 289-306.
South African Reserve Bank. (2021). Inflation Targeting and Price Stability in South Africa. South African Reserve Bank.
Soyode, R. & Kajola, T. (2006). A cointegration of value-added tax and economic growth in Nigeria. International Journal of Management Sciences and Business Research, 1(3), 230-400.
Adedeji, A. (2015). Income tax law for corporate and unincorporated bodies in Nigeria. Ibadan: Heineman Educational Books.
Adeleke, A. (1995). Value-added tax in Nigeria. Journal of the Business and Social Science, 12(1), 1201-1220.
Adereti, S.A & Adesina J.A (2011). Value Added Tax and economic growth of Nigeria.
Adesina, G. (2011). Public perception and attitude towards value-added tax in Nigeria. Journal of Public Economics, 33(1), 2071-2081
Adesina, S. A., Adewuyi, O. M., & Adebisi, A. A. (2021). Value-Added Tax (VAT) in Nigeria: A Review of the Fiscal and Economic Impacts. International Journal of Applied Economics, Finance, and Accounting, 6(1), 6-17. Role of Central Banks. African Development Bank.
Ajakaiye, O. (2000). Macroeconomic effects of vat in Nigeria: a computable general equilibrium analysis. Nairobi, Kenya.
Alade, S. (1993). The impact of value-added tax on economic growth in Nigeria. Journal of Business and Social Science, 3(8), 1000-1320.
Alemayehu, T. A., & Hailemariam, A. (2019). The impact of gross domestic product on tax revenue in Ethiopia. Journal of Accounting and Finance, 19(1), 49-59.
Allingham, M. & Sandmo, A. (1972). Income tax evasion: a theoretical analysis. Journal of Public Economics, 1(3), 23-338.
Alm, G., McClelland, H. & Schulze, D. (1992). Why do people pay taxes? Journal of Public Economics, 48(2), 21- 48.
Alm, J., Sanchez, I. & De Juan, A. (1995). Economic and noneconomic factors in tax compliance. Humanities and social Science Journal, 48(3), 3-18.
Al-Mulali, U., & Sheau-Ting, L. (2015). The impact of value added tax on government revenue. Journal of Applied Economics and Business Research, 5(3), 125-136.
Al-Mutairi, N. A. (2016). The impact of value added tax (VAT) on government revenue: The case of Kuwait. Journal of Applied Accounting Research, 17(2), 151-169.
Banda.F, Muleya and Kaliketa.M, ―Visualizing sales tax‖, Zambia Institute for Policy Analysis and Research (ZIPAR)
Bank for International Settlements. (2021). Monetary Policy and Financial Stability.
Bank for International Settlements.
Bank for International Settlements. (2022). Challenges for Emerging Markets. Bank for International Settlements.
Bickley, J. (1990). Statistical techniques for the social and management sciences. Lagos: Amfitop Books.
Bird, R. M., & Zolt, E. M. (2019). VAT in Africa: Lessons from a Decade of Reform. International Center for Tax and Development Working Paper, 91. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3481070
Blumenthal, M., Christian, C. & Slemrod, J. (1998). The determinants of income tax compliance: Evidence from a controlled experiment in Minnesota, National Bureau of Economic Research: Working Paper 6575, Massachusetts.
Bogetic, Z & Hassan, F (1993). Determinants of value-added tax revenue: a crosssectional analysis. Washington D.C. Working Paper 1203, World Bank.
Braithwaite, V. & Braithwaite, J. (2000). An evolving compliance model for tax enforcement. New York: Oxford University Press.
Budget speech: Delivered to the National Assembly, 2019. B. Ng’andu-Minister of Finance.
Budget speech: Delivered to the National Assembly, 28th September, 2018. M.Mwanakatwe-Minister of Finance.
Chanda, M. M., & Kasanda, M. C. (2018). The impact of value added tax on the economic growth of Zambia. Journal of Economics and Sustainable Development, 9(10), 33-40.
Chanda. K, 2018; ―Challenges of VAT system ―Zambia observer 2018.
Chinweobo, U. (2013). Value-added tax and economic growth of Nigeria. European Journal of Humanities and Social Sciences, 10(1), 456-471.
Chosen, A. (2000). Tax avoidance: The economic legal and moral interrelationship between avoidance and evasion. Institute of Economic Affairs, London.
Ciccarelli, M., et al. (2023). Climate Change and Inflation: Mechanisms and Implications. Journal of Climate Economics.
Cnossen, S. (2017). VAT in Developing Countries: Revenue Performance and Policy Issues. International Tax and Public Finance, 24(4), 672-701. doi:10.1007/s10797-017-9465-9
Cooter, R., & Ulen, T. (2019). Law and economics. Pearson.
Cutt, J. (1969) Impact of tax administration on government revenue in a developing economy. A case study of Nigeria. International Journal of Business and Social Science, 3(8), 200-250.
Emmanuel, U. (2013). The effects of value-added tax on the economic growth of Nigeria. Journal of Economics and Sustainable Development, 4(6), 190-201.
European Central Bank. (2020). Price Stability and Economic Growth in the Eurozone. European Central Bank.
Gcabo, B. (2012). Impact of fiscal policy on economic growth in Iran with emphasis on the role of value-added tax. Journal Advances in Environmental Biology, 6(2), 916-919.
Ghana Revenue Authority. (2019). VAT Reform and Economic Stability in Ghana. Ghana Revenue Authority.
Iorun, S. (2012). An analysis of the classical VAT as operated in selected countries. Unpublished seminar paper, Obafemi Awolowo University Ife. Nigeria.
James, S. & Nobes, C. (1992). Taxation: Theory and practice. London: Prentice-Hall.
James, S., Murphy, K. & Reinhart, M. (2005). Taxpayers' beliefs and views. Economic Development Journal, 2(1), 130-150
Jones, S. (2019). Economic uncertainty and tax revenue: Evidence from OECD countries. Journal of Economic Policy Reform, 22(4), 345-362.
Jones, T., & Williams, L. (2019). The impact of inflation on revenue collection in a developing country context. Journal of Developing Areas, 53(4), 149-163.
Kenya Revenue Authority. (2018). VAT Reforms and Economic Impact in Kenya. Kenya Revenue Authority.
Kenya Revenue Authority. (2020). Expansion of VAT Base and Its Effects. Kenya Revenue Authority.
Kim, S., Lee, J., & Park, Y. (2020). Inflation and government revenue: Evidence from OECD countries. Applied Economics Letters, 27(5), 379-383.
Kirchler, E., Maciejovsky, B. & Schneider, F. (2001). Mental accounting and the impact of tax penalty and audit frequency on the declaration of income: An experimental analysis. Humboldt: University of Berlin.
Kumar, A. (2021). Impact of GDP on tax revenue. International Journal of Management Studies, 8(2), 71-75.
Lee, K., & Park, J. (2017). The relationship between inflation and government revenue: A nonlinear analysis. International Journal of Economics and Finance, 9(1), 19-29.
Lee, S., & Lee, K. (2017). The effect of inflation on tax revenue in Korea: A timeseries analysis. Korean Economic Review, 33(2), 289-311.
Liew, Y. X., & Liew, V. K. (2018). The impact of value added tax (VAT) on government revenue in Malaysia. Journal of Applied Accounting Research, 19(2), 200-211.
Loveday, A. & Nwanyanwu, C. (2015). Value-added tax administration in Nigeria. Journal of Applied Economics and Finance. 2(4), 35-100.
Maries, A., & Alwell, R. (2013). VAT and Price Stability: Evidence from Kenya. Economic Analysis and Policy.
McGill, G. (1983). The CPA’s role in income tax compliance: An empirical study of variability in recommending an aggressive tax position. Texas: Texas Tech. University.
Muhammed, A. (1995). Value-added tax in Nigeria. The financier, the pearl of student Journal Business and the social science University of Ilorin.
Mukherjee, A., & Ouattara, B. (2021). Climate Change and Inflationary Pressures. Environmental Economics Journal.
Mukhtar, S., & Ismail, A. (2020). The impact of value-added tax on government revenue in Pakistan. International Journal of Accounting and Financial Reporting, 10(1), 289-300.
Mulenga, M., & Kalyati, S. (2020). Value added tax compliance challenges in Zambia: A study of small and medium enterprises in Lusaka. International Journal of Academic Research in Accounting, Finance and Management Sciences, 10(3), 87-98.
Mwaba, J., & Sakala, P. M. (2019). An assessment of the implementation of valueadded tax in Zambia: The case of the Copperbelt province. International Journal of Advanced Research in Management and Social Sciences, 8(3), 156- 169.
Mwega, F. M., & Mutulei, N. (2015). The impact of value added tax on government revenue in Kenya. Journal of Economics and Sustainable Development, 6(6), 117-126.
Mwelwa, M. C. (2019). Value added tax compliance determinants in Zambia: A case of selected small and medium enterprises in Lusaka. International Journal of Scientific and Research Publications, 9(3), 486-496.
Ngele, J. N., Edeh, S. N., & Okoro, C. O. (2021). Value Added Tax and Government Revenue Generation in Nigeria: An Empirical Analysis. Asian Journal of Economics, Business and Accounting, 22(2), 1-12.
Obiageli.G.2011; Analysis of Value Added Tax and its impact on the Nigerian economy, Masters Thesis, University of Nigeria, Nigeria.
Odusola, A. (2006). Tax policy reforms in Nigeria. World institute for development economics research, Research paper number 2006/3, United Nations University.
Ogbonna, G. & Appah, E. (2012). Impact of tax reforms and economic growth of Nigeria: a time series analysis. Research Journal of Social Sciences, 4(1), 62- 68.
Okafor, F. (2013). General Concepts and Financial Implications of Taxation. Obafemi Awolowo University: Ile-Ife, Nigeria.
Okele, R. (2003). Expert intermediaries and legal compliance. The case of tax preparers. Journal of Law and Economics, 34(1), 205-229.
Ola, J. (2001). The effect of tax compliance on economic growth and development in Nigeria, British Journal of Arts and Social Sciences, 11(2), 210-250.
Olaoye, C. (2014). An assessment of the administration of value-added tax as a source of revenue generation in Nigeria (Unpublished master’s thesis). University of Ilorin: Ilorin, Kwara State, Nigeria.
Olawale, L. S., Olamide, O. A., & Maku, O. E. (2021). Gross Domestic Product Risk and Revenue Collection: Evidence from Nigeria. Journal of Economics and Sustainable Development, 12(9), 1-11.
Onaolapo, A., Aworemi, R. & Ajala, O. (2013). Assessment of value-added tax and its effect on revenue generation in Nigeria. International Journal of Business and social sciences, 4(1), 220-225.
Oraka, P., Azubike O., Okegbe, T. & Ezejiofor R. (2012). Effect of value-added tax on the Nigerian economy. European Academic Research, 4(2), 400-500.
Ormaehea S.A & Morozumi A 2019, The Value Added Tax and its growth. Pages 330334.
Overview of Tax Administration and the three tiers of government in Nigeria. Institute of Chartered Accountant of Nigeria (ICAN) student’s journal, 2(2) 300-350. Raimi, A., & Yusuf, S. A. (2018). The impact of value-added tax on government revenue in Nigeria. Journal of Accounting and Taxation, 10(3), 24-33.
Richard, A. M. (1959). Value-added Tax, the facts of a Positive Tax in Nigeria. KUPANG Public Affairs.
Richard, A. M. (1972). Value-added tax and economic development. National Tax Journal, 25(3), 425-430
Richard, A. M. (2000). The impact of value-added tax on Nigeria's economic growth. European Journal of Business and Management, 7(9), 100-200
Richard, B. (1993). An empirical assessment of tax mentality. Public Finance Journal, 2(2), 245-257.
Robert, M. (2001). Individual taxpayers’ attitude and compliance behaviour in Nigeria: The moderating role of financial condition and risk preference. Journal for Accounting and Taxation, 3(5), 91-104.
Rostanmi, A., Nourbakhsh, F. & Akbarian, H. (2012). Impact of fiscal policy on economic growth in Iran with emphasis on the role of value-added tax (VAT). Journal on Advances in Environmental Biology, 6(2), 916-919.
Sam, A. (2013). The role of value-added tax in the economic development of Nigeria. International Journal of Research in Computer Application & Management, 1(1), 550-650.
Saonee, S. (2003). The Problems of Tax Administration. Latin America, Baltimore: John Hopkins Press.
Schoeman, A., Evans, C. and du Preez, H. (2021), "The Effect of Changes in the Valueadded Tax Rate on Tax Compliance Behaviour of Small Businesses in South Africa: A Field Experiment", Hasseldine, J. (Ed.) Advances in Taxation (Advances in Taxation, Vol. 29), Emerald Publishing Limited, Leeds, pp. 65-88.
Shall, M. & Shivazi, V. (2014). An empirical examination of value-added tax to the development of the Nigerian economy. Journal of Business and Management, 2(1), 1000-1100.
Smith, A., Brown, B., & Johnson, C. (2018). The impact of economic uncertainty on tax revenue: Evidence from the United States. Journal of Public Economics, 167, 47-55.
Smith, D. (2018). Tax rate structure and revenue collection: An empirical analysis. Journal of Economic Policy Reform, 21(4), 289-306.
South African Reserve Bank. (2021). Inflation Targeting and Price Stability in South Africa. South African Reserve Bank.
Soyode, R. & Kajola, T. (2006). A cointegration of value-added tax and economic growth in Nigeria. International Journal of Management Sciences and Business Research, 1(3), 230-400.