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Author(s): Michael Iorlaha, Justin Iorakpen Iorun, Amity Agi Ijuwo.

Volume/Issue: Volume 7 , Issue 1 (2024)

Abstract:

This paper delves into a conceptual review of the vital role of innovative approaches in tax enforcement and compliance for achieving sustainable economic development in Nigeria. Amidst evolving global economic landscapes, the integration of cutting-edge technologies such as blockchain, data analytics, digital platforms, and real-time reporting has emerged as a powerful catalyst for transforming the nation's tax system. These innovations have significantly streamlined tax processes, facilitating easier tax compliance for individuals and businesses. They have also fostered transparency and trust within the tax system by ensuring secure and tamper-proof tax records and enhancing voluntary compliance. The implementation of these innovative strategies presents a unique opportunity to bolster Nigeria's revenue collection, thereby contributing to sustainable economic development by funding critical public services, infrastructure projects, and socio-economic development initiatives. The paper concludes that the adoption of innovative approaches in tax enforcement is pivotal for sustainable economic development in Nigeria. By promoting compliance and transparency, these technologies contribute to a robust and reliable revenue base essential for funding public services and infrastructure projects. This paper, therefore, recommends investment in digital Infrastructure, implementation of real-time reporting and data analytics, utilisation of data analytics and artificial intelligence and leverage on mobile payment systems.

Keywords:

Innovative approaches, tax compliance, tax enforcement, sustainable development

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