EFFECT OF TAX AUDIT AND INVESTIGATION ON REVENUE GENERATION IN NIGERIA.

Revenue generation is the money generated from normal business operations, calculated as the average sales price times the number of units sold. It is the top line (or gross income) figure from which costs are subtracted to determine net income. Revenue is also known as sales on the income statement. Revenue generation is money brought into a company by its business activities. There are different ways to calculate revenue, depending on the accounting method employed. Accrual accounting will include sales made on credit as revenue for goods or services delivered to the customer. Under certain rules, revenue is recognized even if payment has not yet been received. Recommended; Relevance tax authorities should partner with stakeholder to create tax awareness for future taxpayers on the need to use information technology in tax processes through aggressive publicity and advertisement in the print and electronic media and tax education should be introduced into the syllabi of schools in Nigeria from the primary schools to the tertiary institutions in Nigeria. This will afford the students the opportunity to understand the importance and benefits of revenue derivable from taxation.