FG’s revenue from VAT, CIT up 33% to N4.92trn
Revenue from Value Added Tax, VAT, and Company Income Tax, CIT, rose by 33 per cent, Year-on-Year, YoY, to N4.92 trillion in 2022 from N3.68 trillion in 2021.
Data at the National Bureau of Statistics, NBS, showed that CIT recorded stronger growth at 45 per cent while 24.5 per cent growth was recorded in VAT during the period.
While the total CIT collections rose to N2.42 trillion in 2022 from N1.67 trillion in 2021 and the VAT revenue rose to N2.49 trillion in 2022 from N2 trillion in 2021.
But the NBS fourth quarter 2022, (Q4’22) CIT and VAT reports released on Wednesday showed that CIT fell Quarter-on-Quarter (QoQ) by 6.9 per cent to N763.88 billion in Q4’22 from N810.19 billion in Q3’22.
The report further showed that VAT rose to N697.38 billion in Q4’22 from N625.39 billion in Q3’22.
The NBS said: “On the aggregate, CIT for Q4′ 22 was reported at N753.88 billion, indicating a growth rate of -6.95 percent on a QoQ basis from N810.19 billion in Q3’22. “Local payments received were N353.90 billion, while Foreign CIT Payment contributed N399.98 billion in Q4’22.
“However, on a YoY basis, CIT collections in Q4’22 increased by 116.75 percent from Q4’21.”
On VAT the bureau said:”On the aggregate, VAT for Q4’22 was reported at N697.38 billion, showing a growth rate of 11.5 percent on a QoQ basis from N625.39 billion in Q3’22.
“Local payments recorded were N408.12 billion, Foreign VAT Payments were N159.83 billion, while import VAT contributed N129.43 billion in Q4’22.
“However, on a year-on-year basis, VAT collections in Q4’22 increased by 23.7 percent from Q4’21.” Copied from the Vanguard