MON. 19 DEC, 2022-theGBJournal| Nigeria’s Value Added Tax (VAT) was reported at N625.39 billion in the latest report by the National Bureau of Statistics (NBS) on Sectorial Distribution of Value Added Q3 2022.
The figure is 4.21% higher quarter-on-quarter basis from N600.15 reported in Q2 2022.
Local payments topped the reciept list at N367.93 billion. Foreign VAT Payments were reported at 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%, followed by Activities of extraterritorial organizations and bodies with 44.47%.
On the other hand, Activities of households as employers, undifferentiated goodsand services-producing activities of households for own use had the lowest growth rate with –56.37%, followed by Water supply, sewerage, waste management, and remediation activities with –32.02%.
In terms of sectoral contributions, the top three largest shares in Q3 2022 were Manufacturing with 31.08%; Information and communication with 18.52%; and Mining & quarrying with 10.95%.
Conversely, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01%, followed by Activities of extraterritorial organizations and bodies with 0.06%; and Water supply, sewerage, waste management, and remediation activities with 0.08%.
However, on a year-on-year basis, VAT collections in Q3 2022 increased by 24.95% from Q3 2021
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