Business
Nigeria Rakes In N1.4tn From VAT, Company Tax
The Federal Government generated N1.4 trillion from Value Added Tax (VAT) and Company Income Tax in three months.
The National Bureau of Statistics (NBS) disclosed this in its latest tax report on VAT and CIT released on Monday in Abuja.
The agency revealed that the federal government generated N625.39 billion between July and September this year.
This, according to NBS, was a 4.21 percent increase on a quarter-on-quarter basis when compared to N600.15 billion recorded in the second quarter of this year.
The breakdown of the figure showed that the government generated N367.93 billion from local VAT payments, and N121.85 billion from foreign while import VAT contributed N135.61 billion during the period
On a quarter-on-quarter basis, arts, entertainment, and recreation activities recorded the highest growth rate with 61.09 percent followed by activities of extraterritorial organizations and bodies with 44.47%.
On the other hand, household activities, undifferentiated goods, and services-producing activities of households for own use had the lowest growth rate with –56.37 percent, followed by water supply, sewerage, waste management, and remediation activities with –32.02 percent.
On sectoral contributions, the top three largest contributors in Q3 were manufacturing with 31.08 percent, information and communication with 18.52 percent, and mining and quarrying with 10.95 percent.
Conversely, households activities undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 percent, followed by activities of extraterritorial organizations and bodies with 0.06 percent and water supply, sewerage, waste management, and remediation activities with 0.08 percent.
However, on a year-on-year basis, VAT collections in Q3 2022 increased by 24.95 percent from same period in 2021.
The government generated N810.19 billion as Company Income Tax (CIT) in the third quarter.
This, according to NBS, was 13.41 percent higher on a quarter-on-quarter basis than the N714.40 billion posted in Q2.
The government made N483.17 billion as company income tax from indigenous companies and N327.02 billion from foreign companies in Q3.
On a quarter-on-quarter basis, arts, entertainment, and recreation activities made the highest contribution to the CIT with 93.33 percent, followed by agriculture, forestry, and fishing with 75.38 percent
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