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From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS), has said that Value Added Tax (VAT) for Q4 2023 was N1.20 trillion, showing a growth rate of 26.61 per cent on a quarter-on-quarter basis from N948.07 billion in Q3 2023. This is as Company Income Tax (CIT) for Q4 2023 equally dropped to N1.13 trillion from N1.75 trillion in Q3 2023.
According to NBS, local payments recorded were N630.00 billion, foreign VAT payments were N326.27 billion. A document obtained from the bureau’s website said that import VAT contributed N244.04 billion in Q4 2023.
On a quarter-on-quarter basis, agriculture, mining and quarrying recorded the highest growth rate with 63.75 per cent followed by the other services activities with 61.98 per cent.
On the other hand, activities of extraterritorial organisations and bodies activities had the lowest growth rate with –19.44 per cent, followed by financial and insurance with –8.46 per cent. In terms of sectoral contributions, the top three largest shares in Q4 2023 were manufacturing with 13.24 per cent, information and communication with 10.02 per cent and mining and quarrying with 7.91 per cent.
“Nevertheless, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 per cent, followed by activities of extraterritorial organisations and bodies, and water supply, sewerage, waste management and remediation activities with 0.03 per cent and real estate activities 0.07 per cent, agriculture, forestry and fishing with 0.10 per cent. However, on a year-on-year basis, VAT collections in Q4 2023 increased by 72.12 per cent from Q4 2022” NBS said.
Similarly, on the aggregate, Company Income Tax (CIT) for Q4 2023 was reported at N1.13 trillion, indicating a growth rate of –35.40 per cent on a quarter-on-quarter basis from N1.75 trillion in Q3 2023. Local payments received were N533.93 billion, while foreign CIT payment contributed N596.10 billion in Q4 2023. “On a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate with 79.65 per cent, followed by construction with 57.86 per cent.
“On the other hand, activities of information and communication –69.44 per cent, and public administration and defence, compulsory social security –23.75 per cent had the lowest growth rate..
