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…as company income tax grew by 14% to N1.75trn
The total Value Added Tax (VAT) collected in the third quarter of 2023 was reported at N948.07 billion, indicating 21.34% increase from N781.35 billion irecorded in Q2, the National Bureau of Statistics (NBS) report has shown.
According to the report which was released on Monday, local payments recorded were N522.08 billion, foreign VAT Payments were N204.58billion, while import VAT contributed N221.41 billion in Q3 2023.
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On a quarter-on-quarter basis, agriculture, forestry and fishing recorded the highest growth rate with 91.87%, followed by the activities of extraterritorial organizations and bodies with 80.25%.
On the other hand, real estate had the lowest growth rate with –37.68% followed by construction with –9.54%.
In terms of sectoral contributions, the top three largest shares in Q3 2023 were manufacturing with 26.51%; information and communication with 19.04%; and financial and insurance activities with 12.31%
“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02%, followed by water supply, sewerage, waste management, and remediation activities with 0.06%; and activities of extraterritorial organizations and bodies with0 .10%.
“However, on a year-on-year basis, VAT collections in Q3 2023 increased by 51.60% from Q3 2022,” it stated.
Similarly, on the aggregate, Company Income Tax (CIT) for Q3 2023 was reported at N1.75 trillion, indicating a growth rate of 14.27% on a quarter-on-quarter basis from N1.53 trillion in Q2 2023.
Local payments received were N651.63 billion, while Foreign CIT Payment contributed N1.10 trillion in Q3 2023. On a quarter-on-quarter basis education recorded the highest growth rate with 59.60%, followed by public administration and defence, compulsory social security with 57.04%.
On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –74.34%, followed by Water supply, sewerage, waste management and remediation activities with -73.25%.
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In terms of sectoral contributions, the top three largest shares in Q3 2023 were information and communication with 26.18%; manufacturing with 23.90%; and mining and quarrying with 11.86%.
