The National Bureau of Statistics (NBS) released its Value Added Tax (VAT) Q3 2023 Report on Monday, revealing that the aggregate VAT reached N948.07 billion. This reflects a notable quarter-on-quarter growth rate of 21.34 percent from N781.35 billion in Q2 2023. Additionally, the VAT collections for Q3 2023 exhibited a substantial year-on-year increase of 51.60 percent compared to Q3 2022.
The report further detailed the breakdown of VAT payments, indicating that local payments accounted for N522.08 billion, foreign VAT payments contributed N204.58 billion, and import VAT made up N221.41 billion in Q3 2023.
Analyzing the quarter-on-quarter growth rates across sectors, the report highlighted that agriculture, forestry, and fishing experienced the highest growth at 91.87 percent. This was followed by extraterritorial organizations and bodies with a growth rate of 80.25 percent. In contrast, real estate exhibited the lowest growth rate at -37.68 percent, with construction following closely at -9.54 percent.
In terms of sectoral contributions to VAT, the top three sectors in Q3 2023 were manufacturing (26.51 percent), information and communication (19.04 percent), and financial and insurance activities (12.31 percent). On the other end of the spectrum, activities of households as employers and undifferentiated goods- and services-producing activities of households for own use held the least share at 0.02 percent. This was followed by water supply, sewerage, waste management, and remediation activities with 0.06 percent, and activities of extraterritorial organizations and bodies with 0.10 percent.
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