…The NBS data also shows that local payments recorded were N630.00 billion, Foreign VAT Payments were N326.27 billion, while import VAT contributed N244.04 billion in Q4 2023.
FRI, MAR 15 2024-theGBJournal| Nigeria’s Value Added Tax (VAT) revenue saw significant growth of 26.61% in Q4 2023 over that reported in Q3 2023, suggesting the revenue office is increasing its presence across the country as part of effort to rake in more revenue.
The National Bureau of Statistics (NBS), in its latest Sectorial Distribution of Value Added Tax report said, the VAT revenue in the period reached N1.20 trillion, showing a growth rate of 26.61% on a quarter-on-quarter basis from N948.07 billion in Q3 2023.
The NBS data also shows that local payments recorded were N630.00 billion, Foreign VAT Payments were N326.27 billion, while import VAT contributed N244.04 billion in Q4 2023.
On a quarter-on-quarter basis, agriculture, mining and quarrying recorded the highest growth rate with 63.75%, followed by the other services activities with 61.98%.
On the other hand, activities of extraterritorial organisations and bodies activities had the lowest growth rate with –19.44%, followed by financial and insurance with –8.46% .
In terms of sectoral contributions, the top three largest shares in Q4 2023 were manufacturing with 13.24%, information and communication with 10.02% and mining and quarrying with 7.91%.
Undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management and remediation activities with 0.03% and real estate activities 0.07%, agriculture, forestry and fishing with 0.10%.
The report said, however, on a year-on-year basis, VAT collections in Q4 2023 increased by 72.12% from Q4 2022.
Meanwhile, on the aggregate, Company Income Tax (CIT) for Q4 2023 was reported at N1.13 trillion, indicating a growth rate of –35.40% on a quarter-on-quarter basis from N1.75 trillion in Q3 2023.
Local payments received were N533.93 billion, while Foreign CIT Payment contributed N596.10 billion in Q4 2023.
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