Advancing economic growth through enhanced tax compliance and revenue generation: Leveraging data analytics and strategic policy reforms
1 Independent Researcher, Lagos, Nigeria.
2 Imo State Internal Revenue Service, Nigeria.
3 Newcross Exploration and Production Limited, Nigeria.
Review
International Journal of Frontline Research in Multidisciplinary Studies, 2022, 01(02), 085–093.
Article DOI: 10.56355/ijfrms.2022.1.2.0056
Publication history:
Received on 28 September 2022; revised on 17 November 2022; accepted on 20 November 2022
Abstract:
Tax compliance and revenue generation are critical components for driving economic growth and ensuring sustainable development. This paper explores the challenges hindering effective tax systems, including evasion, inadequate administrative infrastructure, and low public awareness, collectively undermining resource mobilization. It highlights the transformative role of data analytics in enhancing tax compliance through tools such as predictive modeling, real-time fraud detection, and actionable insights for policymaking. The paper also examines strategic policy reforms, including equitable taxation frameworks, incentives, penalties, and technology integration, as essential measures for optimizing revenue generation. By synergizing data-driven strategies with robust policy innovations, governments can improve tax administration, foster equitable economic systems, and unlock the potential for sustained growth. The findings underscore the importance of modernizing tax systems to address contemporary challenges, ensuring transparency, and building public trust for greater compliance.
Keywords:
Tax Compliance; Revenue Generation; Data Analytics; Policy Reforms; Economic Growth; Tax System Modernization
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Copyright © 2022 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0