Browsing by Author "Akintoye, Olariyike Damola"

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    Impact of Cashless Banking and Currency Redesign on Tax Revenue Generation in Nigeria
    (Islamic University in Uganda Faculty of Management Studies, 2024-12) Akintoye, Olariyike Damola
    IMPACT OF CASHLESS BANKING AND CURRENCY REDESIGN ON TAX REVENUE GENERATION IN NIGERIA Abstract: This paper examines the impact of the cashless banking and the redesign of the currency on tax revenue generation in Nigeria. It makes use of the doctrinal research methodology to recognise the tax prospectives of the cashless banking policy and the currency redesign initiative of the Central Bank of Nigeria. The research looks at currency redesign in other selected jurisdictions like, the United Kingdom, the United States of America and India to draw lessons from them. The study finds out that under the cashless policy, it is easier for the tax authority to fish out tax evaders. This is because the more electronic cash transactions people make, the easier it becomes for the tax authority to track their income and net worth. The currency redesign exercise also has the potential to make tax enforcement easier. This paper recommends the need for measures to be put in place by the government to ensure all necessary banking and digital payment infrastructure, the enabling legal framework to help the economies’ informal sector to accept the system of cashless payment, the enlightenment of members of the public to choose other available payment options, rather than a superfluous dependence on cash, and that Nigeria should put in place a long time plan for the phasing out of old bank notes. The paper concludes that the combination of the two will boost tax revenue and foster a more efficient tax system.
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    Mainstreaming Economic Social and Cultural Rights (ESCRs) in National Integration Equation: Legal Options and Limits
    (Nigerian Association of Law Teachers (NALT), 2023) Akintoye, Olariyike Damola
    In recent years, there has been renewed focus on the importance of Economic, Social and Cultural Rights (ESCRs), particularly in the context of the 2030 Agenda for Sustainable Development. This paper, aims to add to the existing knowledge on ESCRs by suggesting how it can fully be integrated and mainstreamed into national equation. The paper, while looking at the legal options for enforcement of ESCRs identified the role the judiciary play in developing the real concept of ESCRs which entails providing remedies in appropriate cases thereby laying precedents for future occurrences. This paper also identifies some limitations of mainstreaming ESC rights to national integration like structural adjustment and debt burden corruption. To achieve the thrust of this paper, primary and secondary sources like , international, regional and national instruments on human rights textbooks, journals and internet facilities are relied on. This paper revealed that ESCRs can be subjected to judicial enforcement, which can lead to systematic institutional change to prevent future violations. The paper therefore suggests that real accountability and stewardship on the part of the government and the removal of the problematic non-justiciable clause in the Constitution will pave way for smooth enforcement of ESCRs in Nigeria.
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    Tax Collecting Strategies Introduced by Revenue Authorities in NigeriaDuring the Covid-19 Pandemic
    (Department of Business and Private Law, Faculty of Law , Kwara State University, 2024-11) Akintoye, Olariyike Damola
    Despite its negative impact on global economies, the Covid -19 Pandemic also brought about the opportunity for companies, financial institutions and businessmen and women to re-think and look for new strategies to continue to do their businesses. Therefore, even though the Covid-19 Pandemic adversely affected most economies of the world, it also brought about changes to business practices globally as new ideas were introduced. Some of these innovations are the use of technology and artificial intelligence. Tax authorities in Nigeria are not left behind as they introduced some innovations/ incentives in the way they carry out their functions, some of which are, the introduction of an online platform for the payment of tax and the filing of tax documents, extension of time and waivers for some categories of taxpayers by the Federal and State tax authorities. The paper used the Federal Inland Revenue Service, the Lagos State Internal Revenue Service and the Kwara State Internal Revenue Service as case study. The paper aims to examine how tax authorities can effectively continue their business activities when faced with a similar public emergency like the Covid-19 Pandemic. The paper attempts to answer some questions which are; what are the innovations, in terms of incentives and strategies introduced by revenue authorities during and after the pandemic in Nigeria; What are the good corporate governance measures or practices that must be adhered to while re-thinking revenue generation: The research method used in carrying out this work is doctrinal in nature as recourse was made to primary and secondary sources of gathering information. The paper finds out that even though revenue authorities in Nigeria did not do too badly during the Pandemic, they can still perform better given similar situations or circumstances. The paper, therefore, comes up with recommendations on how revenue generation can be enhanced, borrowing a leaf from other advanced countries. The paper, however, concludes that nothing should be done to compromise good corporate governance practices in a bid to generate more revenue.