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The study evaluated the impact of Finance Act 2022 on tax compliances among SMEs in Nigeria adopting a primary research study. The study considered the Finance Act 2022 for Company Income Tax (CIT), Value Added Tax (VAT) and Personal Income Tax (PIT) as the predictors, and voluntary and non-voluntary tax compliances as outcome variables. According to the latest Survey Report by MSMES in 2021, there are 472,654 registered SMEs across the selected states of the six-geopolitical zones in Nigeria, this number represents the study population. A sample size of 400 SMEs was selected across the sampled states using a multistage sampling method. The regression analysis results disclosed that Finance Act 2022 on CIT and Finance Act 2022 on VAT has a positive significant and negative insignificant effect respectively on tax compliance in Nigeria. Finally, it was disclosed that the Finance Act 2022 on PIT has a positive but insignificant effect on tax compliance. The study concluded that the Finance Act Reform on various forms of taxes in 2022 stimulate a statistically positive impact on tax compliance among SMEs in Nigeria. Thus, it was recommended that revenue generated through CIT should be adequately utilized towards stimulating the growth and development of the industrial sector in Nigeria.
Alabi et al. (Fri,) studied this question.