BUSINESS

Nigeria Records 2.3% Drop In VAT To N500.49bn In Q3 2021

 

Nigeria has recorded a N11.76 billion or 2.3% drop in Value Added Tax (VAT) from N512.25 billion in Quarter Two, 2021 to N500.49 billion in Quarter Three, according to the National Bureau of Statistics (NBS).

The NBS said this in its VAT-CIT quarter three, 2021 report posted on its website said that Company Income Tax (CIT) collections received a N450 million boost from N472.07 billion in quarter two to N472.52 billion in quarter three.

According to it, VAT collected in the first quarter stood at N496.39 billion, second N512.25 billion.

It added that compared to the corresponding figures of 2020 with the first quarter at N324.58 billion, second N327.20 billion and third N424.71 billion, there was a higher revenue in the first three quarters of 2021, revealing an improvement in collections.

“On a year-on-year basis, this upsurge shows growth rates of 52.93 per cent in quarter one 2021, 56.56 per cent in quarter two and 17.84 per cent in quarter three,” it stated

The NBS said that other manufacturing generated the highest amount of VAT for the third quarter representing 30.87 per cent (N91.20billion) with Information and Communication activity following closely at 20.05 per cent (N59.25billion) and Mining and Quarrying activity accounted for 9.62 per cent (N28.44billion).

It added that in the quarter, of the N500.49 billion, collections of Non-Import VAT local was N295.47 billion and Nigeria Customs Service (NCS)-Import VAT was N123.76 billion, while Non-Import (foreign) VAT collection was N81.25 billion.

For CIT, the NBS said that in terms of sectoral distribution, manufacturing activity at 22.08 per cent accounted for N64.48 billion of the collection, information and communication activity at 19.91 per cent accounted for N58.15 billion.

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Also, mining and quarrying activity at 12.33 per cent accounted for N36.01 billion of the CIT collection in the quarter under review.

Of the N472.52 billion, local CIT collection was N292.005 billion, while foreign CIT payment was N180.51 billion.

Data for the report was provided by the Federal Inland Revenue Service (FIRS), verified and validated by the NBS.

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