Nigeria’s aggregate Value Added Tax (VAT) for Q1 2023 has been reported at N709.59 billion, the National Bureau of Statistics (NBS), has said.
According to the NBS Value Added Tax report for Q1, 2023, a growth rate of 1.75 percent on a quarter-on-quarter basis from N697.38 billion in Q4 2022.
Local payments recorded were N436.10 billion, Foreign VAT payments were N151.13 billion, while import VAT contributed N122.37 billion in Q1 2023.
On a quarter-on-quarter basis, the activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the highest growth rate with 349.86%, followed by construction with 95.64%.
On the other hand, the report noted that activities of extraterritorial organizations and bodies had the lowest growth rate with–53.54%, followed by real estate activities with– 47.01%.
In terms of sectoral contributions, the top three largest shares in Q1 2023 were manufacturing with 29.65%; information and communication with 19.29%; and mining & quarrying with 12.24%.
The report said: “Conversely, activities of extraterritorial organizations and bodies recorded the least share with 0.02%, followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 0.03%; and water supply, sewerage, waste management, and remediation activities with 0.04%.”
However, on a year-on-year basis, VAT collections in Q1 2023 increased by 20.56% from Q1 2022.
Similarly, aggregate Company Income Tax (CIT) for the first quarter of 2023 was reported at N469.01 billion, indicating a growth rate of -37.79% on a quarter-on-quarter basis from N753.88 billion in Q4 2022.
According to the NBS, local payments received were N300.78 billion, while Foreign CIT payment contributed N168.23 billion in Q1 2023.
On a quarter-on-quarter basis, the financial and insurance activities recorded the highest growth rate with 50.42 per cent, followed by construction with 42.32 per cent.
“On the other hand, water supply, sewerage, waste management, and activities had the lowest growth rate with – 69.38%, followed by other service activities with -60.13%. In terms of sectoral contributions, the top three largest shares in Q1 2023 were financial & insurance activities with 22.94%; manufacturing with 20.91%; and information and communication with 11.89%.
“Conversely, the 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 water supply, sewerage, waste management, and remediation activities with 0.04%; and activities of extraterritorial organizations and bodies with 0.12%.
“However, on a year-on-year basis, CIT collections in Q1 2023 decreased by 14.96% from Q1 2022,” the NBS stated.
