December 11, (THEWILL) – The aggregate Value Added Tax (VAT) stood at N948.07 billion in Q3 2023, the National Bureau of Statistics (NBS) has said in its VAT Q3 2023 Report released on Monday, in Abuja.
This shows a growth rate of 21.34 percent on a quarter-on-quarter basis from N781.35 billion in Q2 2023.
Also, the VAT collections in Q3 2023 increased by 51.60 percent from Q3 2022 on a year-on-year basis.
According to the NBS report, local payments recorded were N522.08 billion, foreign VAT payments contributed N204.58 billion, and import VAT contributed N221.41 billion in Q3 2023.
On a quarter-on-quarter basis, agriculture, forestry, and fishing recorded the highest growth rate with 91.87 percent.
“This was followed by activities of extraterritorial organisations and bodies with 80.25 per cent. On the other hand, real estate had the lowest growth rate with –37.68 percent, followed by construction with – 9.54 percent”, the report added.
In terms of 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 percent, and financial and insurance activities with 12.31 percent.
“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 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”, the report stated.
