Value Added Tax (VAT) for the third quarter of 2023 was reported at N948.07 billion, indicating a growth rate of 21.34 per cent on a quarter-on-quarter basis from N781.35 billion in the second quarter of 2023, the National Bureau of Statistics (NBS) has said.
According to its Value Added Tax (VAT) Q3 2023, the bureau stated that local payments recorded were N522.08 billion; Foreign VAT Payments were N204.58 billion, while import VAT contributed N221.41 billion in the quarter under review.
On a quarter-on-quarter basis, agriculture, forestry and fishing recorded the highest growth rate with 91.87 per cent, followed by the activities of extraterritorial organizations and bodies with 80.25 per cent.
“On the other hand, real estate had the lowest growth rate with –37.68 per cent, followed by construction with – 9.54 per cent. In terms of sectoral contributions, the top three largest shares in Q3 2023 were manufacturing with 26.51 per cent; information and communication with 19.04 per cent; and financial & insurance activities with 12.31 per cent
“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02 per cent, followed by water supply, sewerage, waste management, and remediation activities with 0.06 per cent; and activities of extraterritorial organizations and bodies with 0.10 per cent. However, on a year-on-year basis VAT collections in Q3 2023 increased by 51.60 per cent from Q3 2022,” the report stated.
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