The National Bureau of Statistics (NBS) on Saturday said Value Added Tax (VAT) on average was N948.07 billion in the third quarter (Q3 2023).
This was contained in its VAT for Q3 2023 report, which said there was a growth rate of 21.34 per cent on a quarter-on-quarter basis.
The report said: “On the aggregate, VAT for Q3 2023 was reported at N948.07 billion, showing a growth rate of 21.34 per cent on a quarter-on-quarter basis from N781.35 billion in Q2 2023”.
It added that the local payments recorded were N522.08 billion, Foreign VAT Payments were N204.58 billion, while import VAT contributed N221.41 billion in Q3 2023.
According to NBS, on a quarter-on-quarter basis, agriculture, forestry and fishing recorded the highest growth rate with 91.87 per cent, followed by the activities of extraterritorial organizations and bodies with 80.25 per cent.
The report also said on the other hand, real estate had the lowest growth rate with –37.68 per cent, followed by construction with – 9.54 per cent.
It noted that in terms of sectoral contributions, the top three largest shares in Q3 2023 were manufacturing with 26.51 per cent; information and communication with 19.04 per cent; and financial & insurance activities with 12.31 per cent.
The NBS said nevertheless, activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share with 0.02 per cent, followed by water supply, sewerage, waste management, and remediation activities with 0.06 per cent; and activities of extraterritorial organisations and bodies with 0.10 per cent.
NBS also noted that , on a year-on-year basis, VAT collections in Q3 2023 increased by 51.60 per cent from Q3 2022.
Similarly, in another report, the Bureau said on the aggregate, Company Income Tax (CIT) for Q3 2023 was reported at N1.75 trillion, indicating a growth rate of 14.27 per cent on a quarter-on-quarter basis from N1.53 trillion in Q2 2023.
NBS further noted that local payments received were N651.63 billion, while Foreign CIT Payment contributed N1.10 trillion in Q3 2023.
The data said on a quarter-on-quarter basis education recorded the highest growth rate with 59.60 per cent, followed by public administration and defence, compulsory social security with 57.04 per cent.
On the other hand, according to the report, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –74.34 per cent, followed by Water supply, sewerage, waste management and remediation activities with -73.25 per cent.
The report reads in part: “In terms of sectoral contributions, the top three largest shares in Q3 2023 were information and communication with 26.18 per cent; manufacturing with 23.90%; and mining and quarrying with 11.86 per cent.
“Nevertheless, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 per cent, followed by water supply, sewerage, waste management, and remediation activities with 0.04 per cent and activities of extraterritorial organisations and bodies with 0.10 per cent.
“However, on a year-on-year basis, CIT collections in Q3 2023 increased by 115.90 per cent from Q3 2022”.
