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An impact of macroeconomic variables on corporate tax revenue in Nigeria
(2021-09-21) Adewale, Adesanya; Woźniak, Dariusz
This study examined the potential macroeconomic variables that determine corporate tax revenue in Nigeria. The integrating properties of the variables of this study were gauged from the augmented Dickey-Fuller unit root test (ADF-URT). The autoregressive distributed lag (ARDL) bounds testing approach confirmed the presence of a long-run relationship among the variables selected, while the Error Correction Model (ECM) was used to capture the short-run dynamics.The results of the ARDL short-run and long-run estimates showed that exchange rate and foreign direct investment are positive and significant determinants of corporate tax revenue, showing p-values lesser than 10% significance level. Furthermore, GDP per capita and unemployment rate are negative and significant determinants, thus these variables both in the short-run and long-run estimates have p-values which fall below the threshold of 10% level of significance. However, public debt, trade openness, corporate tax rate, and inflation could not be identified as significant determinants of corporate tax revenues having shown p-values greater than the 10% threshold level of significance. Therefore, the study concluded that exchange rate, unemployment rate, GDP per capita, and foreign direct investment are the macroeconomic determinants of corporate tax revenue in Nigeria.