…..As CIT Accruals Drop By -12.87% Q-o-Q
Nigeria’s total Value Added Tax (VAT) collections on the aggregate rose to N1.43 trillion in Q1 2024, representing a growth rate of 19.21% on a quarter-on-quarter basis from N1.20 trillion generated from the revenue source in Q4 2023.
The National Bureau of Statistics (NBS) gave these figures in its ‘Value Added Tax (VAT) Q1 2024’ report published Monday on its website.
According to the VAT collections data, local payments totaled N663.18 billion, Foreign VAT payments stood at N435.73 billion, while import VAT contributed N332.01 billion in the quarter under review.
The statistics agency also disclosed that on a quarter-on-quarter basis, accommodation and food service activities recorded the highest growth rate with 59.15%, followed by the activities of administrative and support with 47.79%.
Conversely, the report showed that activities of extraterritorial organizations and bodies had the lowest growth rate with –57.01%, followed by Human health and social work activities with –27.73%.
The Bureau further clarified that in terms of sectoral contributions, the top three largest shares in Q1 2024 were Manufacturing with 26.72%; Information and Communication with 17.42%; and Mining & Quarrying activities with 15.42%.
The statistics agency reported that nevertheless, Activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the least share with 0.01%, followed by activities of extraterritorial organizations and bodies with 0.03% and water supply, sewerage, waste management, and remediation activities with 0.05%.
It, however, clarified that on a year on-year basis, VAT collections in Q1 2024 increased by 101.65% from Q1 2023.
In a related report published on the same date titled ‘Company Income Tax Q1 2024’, the NBS reported that on the aggregate, Company Income Tax (CIT) for Q1 2024 stood at N984.61 billion, indicating a growth rate of –12.87% on a quarter-on-quarter basis from N1.13 trillion in the preceding quarter.
The data reflected that local payments accounted for N386.49 billion, while Foreign CIT payment contributed N598.13 billion in Q1 2024.
The report indicated that on a quarter-on-quarter basis, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate with 330.42%, followed by Administrative and support service activities with 33.18%.
On the other hand, the Bureau disclosed that Activities of Manufacturing had the lowest growth rate with –70.24%, followed by Electricity, gas, steam and air conditioning supply with –69.14%.
It also clarified that in terms of sectoral contributions, the top three largest shares in Q1 2024 were Mining and quarrying with 20.94%; Financial and insurance activities with 18.73%; and Information and communication with 12.56%.
This is even as the NBS disclosed that nevertheless, the Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02%, followed by Water supply, sewerage, waste management, and remediation activities with 0.07% and Activities of extraterritorial organizations and bodies with 0.24%.
It also reported that, however, on a year-on-year basis, CIT collections in Q1 2024 increased by 109.93% from Q1 2023.
