This study examines the impact of Company Income Tax (CIT) and Value Added Tax (VAT) on corporate investment within the Nigerian telecommunications industry, a sector widely recognized as a critical driver of economic growth, digital transformation, and infrastructural development. The study adopts a quantitative research design, utilizing secondary data obtained from eight (8) listed telecommunications and ICT-related firms in Nigeria over the study period. Data were analysed using multiple regression techniques estimated through Ordinary Least Squares (OLS) to evaluate the nature and significance of the relationship between taxation variables and corporate investment. The empirical findings reveal that Company Income Tax (CIT) exhibits a negative but statistically insignificant relationship with corporate investment, suggesting that higher corporate tax burdens may discourage investment, although not in a strongly determinative manner. Conversely, Value Added Tax (VAT) demonstrates a positive but statistically insignificant relationship with corporate investment, indicating that consumption-based taxation does not significantly hinder investment decisions within the sector. Overall, the results imply that while taxation plays a role in shaping investment behaviour, it is not a primary determinant of corporate investment in the Nigerian telecommunications industry. The study concludes that non-tax factors such as macroeconomic stability, infrastructure availability, regulatory certainty, and access to finance exert a more substantial influence on investment decisions. It recommends that policymakers adopt a holistic approach to investment promotion by improving the business environment, rather than relying solely on tax adjustments
Shehu et al. (Sat,) studied this question.