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VAT declines by N11.76 billion as CIT receives boost in Q3: NBS

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Value Added Tax (VAT) recorded a N11.76 billion decrease from N512.25 billion in Q2 to N500.49 in Q3, says the National Bureau of Statistics (NBS).

According to the NBS, Company Income Tax (CIT) collections received a N450 million boost from N472.07 billion in Q2 to N472.52 billion in Q3.

The NBS said this in its VAT-CIT Q3, 2021 report obtained from its website on Saturday, in Abuja.

According to it, VAT collected in the first quarter stood at N496.39 billion, second N512.25 billion.

It added that compared to the corresponding figures of 2020 with the first quarter at N324.58 billion, second N327.20 billion and third N424.71 billion, there was a 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 quarter one 2021, 56.56 per cent in quarter two and 17.84 per cent in quarter three,” it stated. 

The NBS said other manufacturing generated the highest amount of VAT for Q3, representing 30.87 per cent (N91.20billion) with Information and Communication activity following closely at 20.05 per cent (N59.25billion) and Mining and Quarrying activity accounted for 9.62 per cent (N28.44billion).

It added that in the quarter, of the N500.49 billion, collections of Non-Import VAT local was N295.47 billion and Nigeria Customs Service (NCS)-Import VAT was N123.76 billion, while Non-Import (foreign) VAT collection was N81.25 billion.

For CIT, the NBS said that in terms of sectoral distribution, manufacturing activity at 22.08 per cent accounted for N64.48 billion of the collection, information and communication activity at 19.91 per cent accounted for N58.15 billion.

Also, mining and quarrying activity at 12.33 per cent accounted for N36.01 billion of the CIT collection in the quarter under review.

Of the N472.52 billion, local CIT collection was N292.005 billion, while foreign CIT payment was N180.51 billion.

Data for the report was provided by the Federal Inland Revenue Service (FIRS), and verified and validated by the NBS.

(NAN)

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