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BREAKING:FG’s VAT, CIT revenue rise 25% to N3.5trn

Value Added Tax (VAT) and Company Income Tax (CIT) revenue for the Federal Government increased by 25% year-over-year to N3.47 trillion in the first nine months of the year (9m’22), up from N2.77 billion in the same period last year (9m’21).

The report of the Public Department of Insights, NBS, delivered yesterday showed that CIT became by 26% to N1.67 trillion while Tank rose 25% to N1.8 trillion during the period.

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NBS stated in its Q3’22 CIT report that CIT increased by 13% quarter-over-quarter (QoQ) to N810.19 billion in Q3’22, up from N714.4 billion in Q2’22.

In addition, the NBS CIT report stated: In the third quarter of 2022, foreign CIT Payment contributed N327.02 billion, while local payments totaled N483.17 billion.

“On a quarter-to-quarter basis, the Arts, Entertainment, and Recreation activities experienced the highest growth rate, at 93.33 percent. Agriculture, forestry, and fishing followed, with 75.38 percent.

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“On the other hand, the activities of lodging and food service had the lowest growth rate with -64.8 percent, followed by the activities of water supply, sewerage, waste management, and remediation with -64.75%.”

Similarly, the NBS VAT collection report for the third quarter of 22 showed that VAT increased by 4% to N625.39 billion from N600.15 billion in the second quarter of 22.

Furthermore, the NBS stated: In Q3 of this year, import VAT contributed N135.61 billion, while foreign VAT payments totaled N121.85 billion. Local payments totaled N367.93 billion.

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“With 31.08 percent, manufacturing accounted for the top three largest sectoral contributions in Q3 2022; With 18.5%, communication and information; as well as mining and quarrying with 10.95 percent.”

VAT

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