THE IMPLICATION OF TAX AUDIT AND INVESTIGATION IN REVENUE GENERATION.; CHM

Department → Accountancy

Amount → ₦10,000.00

ABSTRACT Tax audit and investigation was adopted to evaluate revenue generated through self-assessment. In a self-assessment system, a taxpayer is required to assess his tax liability using a tax return form in which he declares his gross income, allowable deductions. This study was undertaken to determine the implication of tax audit and investigation on revenue generation in Enugu metropolis. Seventy (70) respondents were conveniently selected using non probability random sampling technique where 63(90%) were employed and 7(10%) were employers of labour. A structured and validated questionnaire was used to gather responses of respondents. Chi-square statistics was used to test the three hypotheses generated for the study at a significant level of 0.05. The outcome of the analyses proposed rejection of the null hypotheses, thereby accepting the alternative. The study revealed that; self-assessment scheme does affect revenue generation, tax audit and investigation has contributed greatly in the self-assessment system and that taxation have a positive effect in the Nigeria revenue system. This implies that tax audit and investigation have positive effect on revenue generation in Enugu metropolis. Based on these findings, it is recommended that relevant tax authorities should ensure that tax audit and investigation are properly carried out by experts so as to ensure good accounts of revenue generated.




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