Value Added Tax and Business Income Tax revenues increased by 33% YoY to N4.92 trillion in 2022 from N3.68 trillion in 2021, or year over year.
The National Bureau of Statistics, NBS, examined VAT and CIT statistics for 2022 and found that CIT saw faster increase—45%—than VAT—during the study period. VAT experienced growth of 24.5%.
Although the overall CIT collections increased by 45 percent to N2.42 trillion in 2022 from N1.67 trillion in 2021, the VAT income increased by 24.5% to N2.49 trillion in 2022 from N2 trillion in 2021.
Yet, the CIT and VAT data for the NBS fourth quarter of 2022 (Q4’22) issued today revealed that CIT decreased.