THE CHALLENGES OF VALUE-ADDED TAX (VAT) COMPLIANCE AND REPORTING IN RETAIL BUSINESSES
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Abstract: THE CHALLENGES OF VALUE-ADDED TAX (VAT) COMPLIANCE AND REPORTING IN RETAIL BUSINESSES
This research explores the challenges of Value-Added Tax (VAT) compliance and reporting in retail businesses in Abuja. The study aims to identify the key compliance challenges, assess the impact of VAT reporting on business operations, and propose solutions to improve compliance rates. A survey design was employed, targeting 350 retail business owners, calculated using Taro Yamane's formula. A detailed case study of a major retail chain in Abuja was conducted to contextualize findings. The reliability coefficient score was 0.88, confirming the survey's consistency. Results indicate that the primary challenges include the complexity of VAT laws, the high cost of compliance, and the lack of adequate support from tax authorities. It is recommended that tax authorities simplify VAT laws, provide more support and training for businesses, and consider reducing compliance costs to encourage better adherence to VAT regulations.
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