Treasury rakes in N709b VAT, N469b CIT in Q1
By Jeph Ajobaju, Chief Copy Editor
Abuja raked in N709.59 billion Value Added Tax (VAT) revenue in the first quarter ended March (Q1 2023), a 1.75 per cent rise quarter-on-quarter (QoQ) on N697.38 billion in Q4 2022, according to the latest figures released by the National Bureau of Statistics (NBS).
Local VAT amounted to N436.10 billion, foreign (N151.13 billion), and import VAT (N122.37 billion) in Q1 2023.
The activities of households recorded the highest QoQ growth rate at 349.86 per cent, followed by construction with 95.64 per cent.
“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with -53.54 per cent, followed by real estate activities with -47.01 per cent,” the report said.
The top three sectoral shares in Q1 2023 were
- Manufacturing – 29.65 per cent
- ICT – 19.29 per cent
- Mining and quarrying – 12.24 per cent
The bottom three sectoral shares were
- Extraterritorial organisations and bodies – 0.02 per cent
- Activities of households as employers, undifferentiated goods and services-producing activities of households for own use – 0.03 per cent
- Water supply, sewerage, waste management, and remediation activities -0.04 per cent
The NBS said VAT collections in Q1 2023 increased 20.56 per cent YoY from Q1 2022.
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CIT revenue
Company Income Tax (CIT) came in with N469.01 billion revenue in Q1 2023, down -37.79 per cent QoQ from N753.88 billion in Q4 2022.
Local CIT fetched N300.78 billion and foreign CIT N168.23 billion, said the NBS, per reporting by PREMIUM TIMES.
Analysis by sector
- Financial and insurance activities recorded the highest QoQ growth – 50.42 per cent
- Construction – 42.32 per cent
- Water supply, sewerage, waste management, and remediation activities had the lowest growth at -69.38 per cent
- Other service activities at -60.13 per cent
The top three sectoral shares in Q1 2023 were financial & insurance activities (22.94 per cent), manufacturing (20.91 per cent), and ICT (11.89 per cent).
The bottom three sectoral shares were
- Activities of households as employers, undifferentiated goods and services-producing activities of households for own use (0.01 per cent)
- Water supply, sewerage, waste management and remediation activities (0.04 per cent)
- Activities of extraterritorial organisations and bodies (0.12 per cent).
“However, on a year-on-year basis, CIT collections in Q1 2023 decreased by 14.96 per cent from Q1 2022,” the NBS said.
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