Nigeria: Value Added Tax Hits 21.34% Growth Rate
Value Added Tax (VAT) for the third quarter of 2023, has shown a growth rate of 21.34% on a quarter-on-quarter basis from N781.35 billion in Q2 2023 to N948.07 billion, data from the National Bureau of Statistics has shown.
In its Value Added Tax (VAT) Q3, 2023 report, the NBS said local payments recorded were N522.08 billion, Foreign VAT Payments were N204.58 billion, while import VAT contributed N221.41 billion in Q3 2023.
“On a quarter-on-quarter basis, agriculture, forestry and fishing recorded the highest growth rate with 91.87%, followed by the activities of extraterritorial organisations and bodies with 80.25%,” a summary of the report stated.
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However, according to the report, Real estate had the lowest growth rate with –37.68%, followed by construction with – 9.54%.
In terms of sectoral contributions, the top three largest shares in Q3 2023 were;
- Manufacturing with 26.51%;
- Information and communication Technology with 19.04%; and
- Financial & insurance activities with 12.31%.
The report added:
“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02%, followed by water supply, sewerage, waste management, and remediation activities with 0.06%; and activities of extraterritorial organisations and bodies with 0.10%.”
The report further noted however, that on a year-on-year basis, VAT collections in Q3 2023 increased by 51.60% fromt Q3 2022.
