In the first three quarters of 2023, new data from the
National Bureau of Statistics has shown that the total amount paid as Company
Income Tax and Value Added Tax in the country rose to N6.19tn from N3.89tn in
the corresponding 2022 period.
In the period being reported, VAT increased by 34.45 per
cent to N2.44tn from N1.81tn and CIT increased by 80.58 per cent to N3.75tn
from N2.08tn, signifying a significant increase in tax collections despite a
challenging year for the nation’s economy.
In its VAT report for the third quarter of 2023 released on
Friday, the NBS said, “On the aggregate, Value Added Tax (VAT) for Q3 2023 was
reported at N948.07bn, showing a growth rate of 21.34 per cent on a
quarter-on-quarter basis from N781.35bn in Q2 2023.
“Local payments recorded were N522.08bn, Foreign VAT
Payments were N204.58bn, while import VAT contributed N221.41bn in Q3 2023.”
The manufacturing, information and communication, and
financial and insurance sectors were the three largest contributors to VAT.
Commenting on CIT collection for the year, the statistics
body noted, “On the aggregate, Company Income Tax for Q3 2023 was reported at
N1.75tn, indicating a growth rate of 14.27 per cent on a quarter-on-quarter
basis from N1.53tn in Q2 2023.”
Foreign firms are contributing more to CIT than local firms,
and in Q3, “Local payments received were N651.63bn, while Foreign CIT Payment
contributed N1.10tn in Q3 2023.” The biggest contributors to CIT in Q3 were the
information and communication, manufacturing, and mining and quarrying sectors.
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