FG rakes in 1.4tr from VAT, Company Income Tax in Q4 2022

The National Bureau of Statistics (NBS) stated that the federal government generated the sum of N1.45trn from Value Added Tax and Company Income Tax in the last quarter of 2022.

The bureau in a report said the N753.8bn was generated from CIT, which was a -6.95 percent growth rate on a quarter-on-quarter basis from N810.19 billion in Q3 2022.

For VAT, it stated that N697.3bn, was made showing a growth rate of 11.51% on a quarter-on-quarter basis from N625.39 billion in Q3 2022.

“On the aggregate, Company Income Tax (CIT) for Q4 2022, local payments received were N353.9bn, while Foreign CIT Payment contributed N399.9bn in Q4 2022.

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FG rakes in 1.4tr from VAT, Company Income Tax in Q4 2022

“On a quarter-on-quarter basis, the Water supply, sewerage, waste management and remediation activities recorded the highest growth rate with 57.40%, followed by Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 45.19%. On the other hand, Information and communication activities had the lowest growth rate with – 65.75%, followed by Arts, entertainment and recreation activities with -64.09%.”

For sectoral contributions, it said the top three largest shares in Q4 2022 were Manufacturing with N110.4bn (31.20 percent); Financial & insurance activities with N45.87bn (12.96 percent) and Information and communication activities with N45.87bn (12.77 percent).