Nigeria’s foreign VAT payments record N142.63bn, local payments hit N512.03bn in Q2 2023

The National Bureau of Statistics (NBS) disclosed the Value Added Tax (VAT) for the second quarter (Q2) 2023 was N781.35 billion, rising by 10.11 per cent on a quarter-on-quarter basis.

In the preceding quarter covering January to March, the NBS reported that the value-added Tax was N709.59 billion, a report obtained from the Bureau on Monday showed.

In addition, on a year-on-year basis, VAT collected by the Federal Inland Revenue Service (FIRS), on behalf of the Federal Government, in the second quarter of 2023 increased by 30.19 per cent from Q2 2022.

The highest VAT was grossed from local payments, which is N512.03 billion, Foreign VAT Payments recorded N142.63 billion and N126.69 billion was generated from import VAT in Q2 2023.

“On a quarter-on-quarter basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 212.06%, followed by real estate activities with 123.09%.

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“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –57.06%, followed by agriculture, forestry, and fishing with –32.86%,” the report reads.

Meanwhile, manufacturing, information and communication, as well as financial and insurance activities recorded the largest contribution, while the lowest contribution came from activities of households as employers, undifferentiated goods- and services-producing activities of households for own use.

“In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 29.64%; information and communication with 21.19%; and financial and insurance activities with 11.18%,” NBS noted.

“However, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01%, followed by water supply, sewerage, waste management, and remediation activities with 0.05%; and activities of extraterritorial organizations and bodies with 0.05%.

“In addition, on a year-on-year basis, VAT collections in Q2 2023 increased by 30.19% from Q2 2022,” the Bureau added.

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