Accounting-Scholarly Publications

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    Open Access
    Exploring Alternative Approaches to Achieving Voluntary Tax Compliance in the Informal Economy of Nigeria
    (2018) Ogunleye, O.J,; Iredele, O. O.; Ogunmeru, O.A.
    Facilitating voluntary tax compliance especially in the informal sector is the goal of most developing countries but, the challenges of tax administration as well as the nature of businesses in the informal economy has hampered the revenue drive of many countries. This study aimed to determine if new models for tax collection would be beneficial for improving voluntary tax compliance and consequently tax revenue generated from the informal economy. The study investigated the level of voluntary tax compliance among taxpayers in the informal sector as well as the factors that influence tax compliance. A sample of 100 business owners comprising traders, artisans, shop owners and 17 tax officials from IfakoIjaiye Local Government Area (LGA) of Lagos State, Nigeria were selected using convenience sampling. Primary data elicited through a structured questionnaire was used to test the hypothesis that the level of tax compliance among informal sector operators would be significantly improved if taxes were collected through trade unions and trade associations or if a presumptive tax system was introduced. Findings from a descriptive analysis showed that the level of voluntary tax compliance in the informal economy was low and tax payers were not willing to voluntarily comply with tax laws because of the perception of high tax rates and misuse of tax revenue by the government. Results from a regression analysis showed that the introduction of a presumptive tax system would not significantly improve the level of tax compliance. Furthermore, the study found that tax compliance would be negatively affected if tax was collected through trade unions and associations. It is therefore recommended that government should be more accountable to the citizenry as regards utilisation of revenues to foster trust and tax rate for businesses in the informal sector should be reasonable. Also, a partial or full formalisation of businesses in the informal sector is recommended to enhance tax administration as well as ensuring voluntary tax compliance.
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    Open Access
    Transfer Pricing Regulations and Tax Compliance among Nigerian Companies
    (2022) Adeyeye, G.B.; Bale, K.A.; Iredele, O.O.; Adeyeye, A.M.
    This study investigates the effectiveness of transfer pricing regulations of 2018 and tax compliance among Nigerian companies. The main objective of the study is to examine how effective is transfer pricing regulations in curbing tax evasion through transfer pricing scheme. The population of the study is the staff of Federal Inland Revenue service in Lagos State who are involved in the operation and implementation of transfer pricing regulations. The sample of the study was 151 staff of Federal Inland Revenue service in Lagos randomly selected from the population. The study adopted survey research design, using a structured questionnaire to obtain primary data. The data were analysed using descriptive and inferential statistical techniques. The descriptive statistics used include percentages, mean, minimum, maximum values and standard deviation. The inferential statistical technique used was One sample t-test. A 5-point measurement scale was used to gauge the effectiveness of the transfer pricing regulations. Inferences were deduced at 5% level of significance. The result of the analysis indicates that transfer pricing regulations is effective in curbing tax evasion perpetrated through transfer pricing scheme. By way of recommendation, it was suggested that tax authorities should continue to reinvigorate their strategies in checkmating loopholes exploited by the taxpayers to perpetrate tax fraud through transfer pricing. Tax authorities must be trained appropriately from time to time on the various dimensions of the strategies used by unscrupulous taxpayers to evade and avoid tax; and how the impact of such strategies could be reduced to the barest minimum.
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    Open Access
    Creative Accounting and Shareholders Wealth Maximization in Listed Consumer Goods Companies in Nigeria
    (Copernican Journal of Finance & Accounting, 2022) Iredele, O.O.; Adeyeye, G.B.; Owoyomi, E.B.
    This study examines the effect of creative accounting practices on the share￾holders wealth of 90 firm-year observations of ten (10) consumer goods companies list￾ed on the Nigerian Stock Exchange (NSE). Ex post facto research design was adopted us￾ing dataset for the period 2011–2019 which were collated from the annual reports and financial statements of the listed consumer goods companies. Four hypotheses were proposed and tested using pooled panel data regression. Findings revealed that fre quent changes in inventory valuation method and assets valuation methods respective ly have significant effect on shareholders wealth, while frequent changes in deprecia tion methods and liabilities valuation methods do not significantly affect shareholders’ wealth. The study recommends that external auditors should pay attention to discre tionary items in the financial statements in order to ensure that the assumptions used by managers are fair. Regulators should also evaluate the adequacy of policies around inventory and assets valuation while financial analysts and shareholders should note the application and consistency of accounting policies on inventory and assets.
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    Open Access
    Whistleblowing practices and corruption perception Index:The Nigeria Experience in the Context of A Comparative analysis
    (2023) Alabi, T.; Fagboro, G.D.; Iredele, O.O.
    The study evaluates the veracity of whistleblowing policy in addressing incidence of corruption in Nigeria in the context of a comparative analysis. Structured questionnaire was adopted to gather primary data from the respondents cutting across experienced professional forensic accountants in the Country. Pearson’s correlation and regression analysis were used to analyse the data obtained. The findings reveal that whistleblowing practices in Nigeria are done without an enabling legal framework contrast to most countries in the world; the level of awareness of the whistleblowing policy among the stakeholders is low; reward system implementation procedure is tainted with uncertainties and bottlenecks; the mechanisms to protect the whistleblowers are inherently weak and redundant; and reporting channels for perceived workplace corrupt practices are marred with intimidations. The study concludes that corruption in Nigeria has become a growth industry and complex in nature. The Nigeria Government has consistently failed to adequately mitigate the menace of corruption in the Country. Globally, whistleblowing policy is designed as a key framework to curtail corruption and protect whistleblowers. Hence, for whistleblowing policy to achieve its desired goal in Nigeria, the study recommends that: Appropriate legal framework should be provided to guarantee credibility in Nigeria. Rewards for whistleblowers should be commensurate, timely and transparent. Wrongdoing reporting channels should be clearly specified and open. Consistent and concerted efforts should be made to create more awareness among the stakeholders, while providing ethical trainings for the employees.
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    Open Access
    Analysis of motives influencing portfolio investment decisions: the Nigerian experience
    (2023-08) Iredele, O.O.; Alli, S.O.; Fagboro, G.D.
    This study investigates factors influencing portfolio investment decisions in Nigeria. The Nigeria Treasury Bill and Federal Government Bond were used as main portfolio investments for the study. Personal factors, economic factors and socio-cultural factors were examined as variables influencing investors’ behaviour. Structured questionnaire was administered to a sample size of 400 respondents selected through convenience sampling technique in Lagos State. Both descriptive and inferential statistics were applied to test the data collected with the aid of the Statistical Packages for Social Science (SPSS) version 20.0. The result revealed that all three variables under study have significant influence on portfolio investment decision. Thus, concludes that personal, economic and socio-cultural factors influence decisions to invest in Treasury Bills and Federal Government Bonds in Nigeria. The study recommend that organizations and managers in the Nigeria business environment should focus on personal, economic and socio-cultural factors when trying to determine influences on investment decision.