National Bureau of Statistics (NBS), says Value Added Tax (VAT) generated a whopping N781.35 billion for Q2 2023, showing a growth rate of 10.11 per cent on a quarter-on-quarter basis from N709.59 billion in Q1 2023.
In a statement by the NBS on its website, local payments recorded N512.03 billion, while foreign VAT payments were N142.63 billion.
Similarly, import VAT contributed N126.69 billion in Q2 2023. “On a quarter-on-quarter basis, the activities of extraterritorial organisations and bodies recorded the highest growth rate with 212.06 per cent, followed by real estate activities with 123.09 per cent
On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –57.06 per cent, followed by agriculture, forestry, and fishing with –32.86 per cent.
In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 29.64 per cent; information and communication with 21.19 per cent; and financial and insurance activities with 11.18 per cent” NBS noted.
Similarly, NBS noted that on the aggregate, Company Income Tax (CIT) for Q2 2023 was reported at N1.53 trillion, indicating a growth rate of 226.40 per cent on a quarter-on-quarter basis from N469.01 billion in Q1 2023. Local payments received were N1.02 trillion, while Foreign CIT Payment contributed N505.91 billion in Q2 2023.
“On a quarter-on-quarter basis, water supply, sewerage, waste management, and remediation activities recorded the highest growth rate with 626.52 per cent, followed by accommodation and food service activities with 585.11 per cent. On the other hand, education had the lowest growth rate with – 15.48 per cent, followed by public administration and defence, compulsory social security with 25.46 per cent.
“In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 25.63 per cent; financial and insurance activities with 24.47 per cent; and information and communication with 20.30 per cent” the bureau explained.
However, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 per cent, followed by activities of extraterritorial organizations and bodies with 0.06 per cent; and water supply, sewerage, waste management, and remediation activities with 0.09 per cent.
In addition, on a year-on-year basis, CIT collections in Q2 2023 increased by 114.28 per cent from Q2 2022” the statistical agency, noted.
