According to the National Bureau of Statistics (NBS), the total Value Added Tax (VAT) in Q1 2023 was N709.59 billion. According to the VAT Q1 2023 Report, which was made public on Tuesday in Abuja.
According to the study, quarterly growth increased by 1.75 percent from N697.38 billion in Q4 2022. Local payments made in Q1 2023 totaled N436. 10 billion, while import VAT payments and foreign VAT payments each contributed N151.13 billion.
The activities of households acting as employers and undifferentiated activities of households producing products and services for their own consumption saw the highest increase rate, at 349.86%. The lowest growth rate, -53.54, was seen in extraterritorial organizations and bodies’ operations.
“In terms of sectoral contributions, the report showed the top three largest shares in Q1 2023 were manufacturing with 29. 65 per cent, information and communication with 19.29 per cent, and mining and quarrying with 12.24 per cent.”
“The report, however, said, on a year-on-year basis, VAT collections in Q1 2023 increased by 20.56 per cent from Q1 2022.