The federal government of Nigeria’s revenue from company income tax and value-added tax increased to N6.19 trillion in the third quarter of 2023.
The National Bureau of Statistics disclosed this in its latest company income tax and value-added tax data for Q3 2023.
According to the report, the figure was a 59.07 per cent increase compared to what was recorded in the corresponding quarter in 2022.
The report stated that VAT increased by 34.45 per cent to N2.44 trillion from N1.81 trillion, and CIT increased by 80.58 per cent to N3.75 trillion from N2.08 trillion, signifying a significant increase in tax collections despite a challenging year for the nation’s economy.
“On the aggregate, Value Added Tax (VAT) for Q3 2023 was reported at N948.07bn, showing a growth rate of 21.34 per cent on a quarter-on-quarter basis from N781.35bn in Q2 2023.
“Local payments recorded were N522.08 billion, foreign VAT payments were N204.58 billion, while import VAT contributed N221.41 trillion in Q3 2023.”
It added that the manufacturing, information and communication, and financial and insurance sectors were the three largest contributors to VAT.
Commenting on CIT collection for the year, NBS said, “On the aggregate, company income tax for Q3 2023 was reported at N1.75 trillion, indicating a growth rate of 14.27 per cent on a quarter-on-quarter basis from N1.53 trillion in Q2 2023.”
