FRI, 17 JUNE, 2022-theGBJournal| On the aggregate, Value Added Tax (VAT) for Q1 2022 was reported at N588.59 billion, a growth of 4.41% on a quarter-on-quarter basis from N563.72 billion in Q4 2021, National Bureau of Statistics (NBS) said in the latest Sectorial distribution of Value Added Tax (VAT) report.
Local payments recorded were N344.04 billion in Q1 2022, while Foreign VAT Payment contributed N117.99 billion.
On a quarter-on-quarter basis, the Activities of extraterritorial organizations and bodies recorded the highest growth rate with 469.32%, followed by Water supply, sewerage, waste management and remediation activities with 47.62%. On the other hand, Agriculture, forestry and fishing had the lowest growth rate with –31.04%, followed by Real estate activities with –18.74%.
In terms of sectoral contributions, the top three largest shares in Q1 2022 were Manufacturing with 32.84%; Information and Communication with 17.10%; and Mining and Quarrying with 11.85%. Conversely, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.04%, followed by Activities of extraterritorial organizations and bodies with 0.08%; and Water supply, sewerage, waste management and remediation activities with 0.16%. However, on a year-on-year basis, VAT collections in Q1 2022 increased by 18.58% from Q1 2021.
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