The National Bureau of Statistics (NBS) has said the federal government generated N697.38 billion as Value Added Tax (VAT) in the fourth quarter of 2022.
The Bureau disclosed this in its “Sectoral Distribution of Value Added Tax” report for Q4 2022, released on Wednesday.
According to the bureau, the figure represents a growth rate of 11.51 per cent on a quarter-on-quarter basis from N625.39 billion in Q3 2022.
Out of the total amount generated, it said local payments recorded were N408.12 billion, foreign VAT payments were N159.83 billion, and import VAT contributed N129.43 billion in Q4 2022.
The NBS said on a quarter-on-quarter basis, the arts, entertainment, and recreation activities recorded the highest growth rate at 43.82 per cent, followed by human health and social work activities with 35.82 per cent.
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“On the other hand, Agriculture, forestry and fishing had the lowest growth rate with –30.12 per cent, followed by activities of extraterritorial organizations and bodies with –19.81 per cent,” the report said.
In terms of sectoral contributions, the report said the top three largest shares in Q4 2022 were manufacturing at 32.17 per cent, information and communication at 18.05 per cent and public administration and defence, compulsory social security at 9.87 per cent.
However, the NBS said that on a year-on-year basis, VAT collections in Q4 2022 increased by 23.71 per cent from Q4 2021.
CIT
In its Company Income Tax (CIT) data for Q4 2022, the NBS said the CIT in the fourth quarter of 2022 was reported at N753.88 billion.
It said the figure represents a growth rate of -6.95 per cent on a quarter-on-quarter basis from N810.19 billion in Q3 2022. It added that the local payments received were N353.90 billion, while foreign CIT payments contributed N399.98 billion in Q4 2022.
On a quarter-on-quarter basis, the bureau said the water supply, waste management and remediation activities recorded the highest growth rate with 57.40 per cent, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 45.19 per cent.
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It noted that information and communication activities had the lowest growth rate at – 65.75 per cent, followed by arts, entertainment and recreation activities at -64.09 per cent.
In terms of sectoral contributions, the NBS said the top three largest shares in Q4 2022 were manufacturing at 31.20 per cent, financial and insurance activities at 12.96 per cent, and information and communication activities at 12.77 per cent.
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