Nigeria earned N1.5tn from VAT in nine months – NBS
Nigeria earned N1.5tn from Value Added Tax in the first nine months of 2021.
The National Bureau of Statistics disclosed this in its report titled ‘Value Added Tax and Company Income Tax Q3 2021’ on Saturday.
It stated that, “The total Value Added Tax collected over the first, second and third quarter 2021 were reported at N496.39bn, N512.25bn and N500.49bn respectively compared to the corresponding figures of last year at N324.58bn, N327.20bn and N424.71bn respectively.
“This shows higher revenue in the first three quarters of 2021, revealing an improvement in collections. On a year-on-year basis, this upsurge shows growth rates of 52.93 per cent in Q1 2021, 56.56 per cent in Q2 2021 and 17.84 per cent in Q3 2021.”
Looking at the sectoral distribution of local revenue generated over the period, collections from the other manufacturing activity; professional services activity; and state ministries and parastatals accounted for the top three largest share of revenue in Q1 2021 with N49.41bn (21.97 per cent), N42.5bn (18.9 per cent), and N26.96bn (11.99 per cent) respectively.
Nevertheless, the NBS added, non-Import VAT local was N224.85bn, non-import (foreign) VAT amounted to N171.66bn, while NCS-Import VAT stood at N99.88bn.