The National Bureau of Statistics (NBS) says the country generated N625.39 billion as value-added tax (VAT) in the third quarter of 2022.
VAT is a consumption tax that is administered by the Federal Inland Revenue Service (FIRS). Revenue generated from VAT is usually disbursed to the three tiers of government through the federation accounts allocation committee (FAAC).
In its latest report on the sectoral distribution of VAT for Q3 2022, released on Monday, the NBS said the figure represents an increase of 4.21 percent from the N600.15 billion generated in Q2 2022.
According to the report, local VAT payments amounted to N367.93 billion in Q3 2022.
“On the aggregate, value-added tax (VAT) for Q3 2022 was reported at N625.39 billion, showing a growth rate of 4.21 percent on a quarter-on-quarter basis from N600.15 billion in Q2 2022,” the report reads.
“Local payments recorded were N367.93 billion, foreign VAT payments were N121.85 billion, while import VAT contributed N135.61 billion in Q3 2022.
“On a quarter-on-quarter basis, the arts, entertainment, and recreation supply activities recorded the highest growth rate with 61.09 percent, followed by activities of extraterritorial organisations and bodies with 44.47.”
The NBS report also shows that activities of households as employers, 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.
“In terms of sectoral contributions, the top three largest shares in Q3 2022 were manufacturing with 31.08 percent, information and communication with 18.52 percent, and mining and quarrying with 10.95 percent,” NBS said.
“Conversely, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 percent, followed by activities of extraterritorial organisations and bodies with 0.06 percent, and water supply, sewerage, waste management, and remediation activities with 0.08 percent.”
Meanwhile, on a year-on-year basis, VAT collections in Q3 2022 increased by 24.95 percent from Q3 2021.
Source: Top Stories