Business
VAT remittances increases to N948.07bn in third quarter – NBS
The National Bureau of Statistics (NBS) said the aggregate value-added tax (VAT) stood at N948.07 billion in Q3 2023.
This is according to the VAT Q3 2023 report released in Abuja on Monday.
The report showed a growth rate of 21.34 percent on a quarter-on-quarter basis from N781.35 billion in Q2 2023.
It said local payments recorded were N522.08 billion, foreign VAT payments contributed N204.58 billion, and import VAT contributed N221.41 billion in Q3 2023.
Agriculture, forestry and fishing recorded the highest growth rate at 91.87 percent on a quarter-on-quarter basis. This was followed by activities of extraterritorial organisations and bodies with 80.25 percent.
On the other hand, real estate had the lowest growth rate at -37.68 percent, followed by construction at -9.54 percent.
Regarding sectoral contributions, the report showed the top three largest shares in Q3 2023 were manufacturing with 26.51 percent, information and communication with 19.04 per cent, and financial and insurance activities with 12.31 per cent.
Households’ employment and undifferentiated goods-and-services-producing activities contributed only 0.02 percent. This was followed by water supply, sewerage, waste management, and remediation activities with 0.06 percent.
This was closely followed by activities of extraterritorial organisations and bodies with 0.10 percent.
However, the report said VAT collections in Q3 2023 increased by 51.60 percent from Q3 2022 on a year-on-year basis.
NAN
