Supremacy of Value-Added Tax: A Perspective from South Asian Nations

Journal article


Kamal, Y., Md Noor Uddin MILON and Tahmina Akter POL 2023. Supremacy of Value-Added Tax: A Perspective from South Asian Nations. The Journal of Asian Finance, Economics and Business. 10 (2), pp. 49-60. https://doi.org/10.13106/jafeb.2023.vol10.no2.0049
AuthorsKamal, Y., Md Noor Uddin MILON and Tahmina Akter POL
Abstract

The study attempts to examine the relationship among revenue growth factors from different angles and provides a comprehensive overview of tax revenue collection for developing countries. The impact of income tax, customs duty, and value-added tax on the gross domestic product is examined using the ordinary least-square (OLS) multiple regression approach. To confirm the association, a multiple regression model is applied to time-series data. SPSS software, MS Excel, is used to draw the empirical results, trend analysis, and some graphical presentation to reach the study's objective. The findings show that while the value-added tax has a significant impact and the highest coefficient, regardless of country, income tax and customs duty may or may not be significant depending on the circumstances. It triggers effectual and efficacious economic growth. The paper has implications in policy-making areas where governments are seeking how to stimulate revenue growth effectively and efficiently. To promote economic growth, the tax net and tax rate on luxury goods should be increased along with human resources in the tax administration for the short term. But in the long term, decentralization & digitization of tax administration, dismantling the existing tax barriers and good governance are necessary.

KeywordsTax Revenue; Economic Growth; Taxation
Year2023
JournalThe Journal of Asian Finance, Economics and Business
Journal citation10 (2), pp. 49-60
PublisherKoreaScience
ISSN 2288-4645
Digital Object Identifier (DOI)https://doi.org/10.13106/jafeb.2023.vol10.no2.0049
Web address (URL)http://koreascience.or.kr/article/JAKO202308349586639.page
Output statusPublished
Publication dates30 Mar 2023
Publication process dates
Accepted01 Mar 2023
Deposited05 Apr 2023
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