Revenues generated from collection of Value Added Tax (VAT) totalled N1.509 trillion in the first Nine months of 2021, representing an increase from N1.176 trillion recorded in the same period of 2020, National Bureau of Statistics data reveals.
According to the NBS report, on a quarterly basis, the sectoral distribution of local revenue generated showed that Manufacturing activity, Professional Services activity and State Ministries & Parastatals accounted for N49.41 billion N42.50 billion, and N26.96 billion respectively, Non-Import VAT local was N224.85 billion, Non-Import (foreign) VAT amounted to N171.66 billion, while NCS-Import VAT stood at N99.88 billion in the first quarter.
Similarly, for the second quarter, other Manufacturing activity; Professional Services activity; and Commercial and Trading activity accounted for the top largest collections with N44.89 billion, N29.30 billion and N21.96 billion respectively.
Non-Import VAT local was N187.43 billion, lower than the first quarter 2021, Non- Import (foreign) VAT was N207.69 billion, higher than first quarter 2021, while NCS-Import VAT stood at N117.13 billion, an improvement from first quarter 2021.
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“For third quarter 2021 records, the Manufacturing activity; Information and Communication activity; and Mining & Quarrying activity accounted for the top three largest share of total revenue collected sector-wise, at N91.20billion, N59.25billion and N28.44billion respectively. Collections of Non-Import VAT local and NCS-Import VAT were higher than the second quarter 2021,” it stated.
On the other hand, Company Income Tax (CIT) collection totalled at N1.33 trillion for the three quarters, broken down into N392.65 billion, N472.07 billion and N472.52 billion in the first, second and third quarters respectively.
In terms of sectoral distribution, Breweries, Bottling and Beverages activity; Professional Services activity; and State Ministries & Parastatals accounted for the top three largest share in Q1 2021 with N23.26 billion, N18.17 billion and N17.35 billion respectively. Overall, Local collections stood at N152.33 billion, Other payments amounted to N55.85 billion, while Foreign CIT Payment was N184.47 billion in the first quarter.
In second quarter 2021, activity of Professional Services; Other manufacturing; and Banks & Financial Institutions stood top three collections with N130.09 billion, N87.27 billion and N60.01 billion respectively. Of the aggregate, local CIT recorded N417.74 billion, Other Payments was N2.72billion and Foreign CIT Payment contributed N51.61 billion.
For third quarter 2021, Manufacturing activity recorded N64.48 billion; Information and Communication activity at N58.15 billion; and Mining & Quarrying activity N36.01 billion as the top three largest share of revenue respectively.
