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Home Business & Economy Federal Govt Makes N1.5trn From VAT In 9 Months

Federal Govt Makes N1.5trn From VAT In 9 Months

Total Value Added Tax (VAT) collected by the Federal Government over the last nine months of 2021 increased by 40 per cent to N1.509 trillion compared to N1.07 trillion collected in the nine months period of 2020 despite a decline in collection in the third quarter.

Data released by the National Bureau of Statistics (NBS) on Saturday morning showed that revenue collected in the third quarter had declined by 0.002 per cent when compared to what was collected in the second quarter of the year.

According to the NBS, total VAT collected over the first, second and third quarter 2021 were reported at N496.39 billion, N512.25 billion and N500.49 billion respectively compared to the corresponding figures of last year at N324.58 billion, N327.20 billion and N424.71 billion respectively.

This shows higher revenue in the first three quarters of 2021, revealing an improvement in collections. On a year-on-year basis, this upsurge shows growth rates of 52.93, 56.56 and 17.84 per cents in Q1, Q2 and Q3 2021 respectively.

Sectorial analysis show that collections from the Other Manufacturing activity; Professional Services activity; and State Ministries & Parastatals accounted for the top three largest share of revenue in Q1 2021 with N49.41billion or 21.97 per cent, N42.50 billion at 18.90 per cent, and N26.96 billion at 11.99 per cent 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. Similarly, the Other Manufacturing activity; Professional Services activity; and Commercial and Trading activity accounted for the top largest collections in Q2 2021 with N44.89 billion, N29.30 billon and N21.96 billion respectively.

In second quarter 2021, 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.

On the other hand, first and second quarter 2021 Company Income Tax (CIT) collections were N392.65 billion and N472.07 billion respectively, higher than the corresponding quarters of last year. By third quarter 2021, this has increased to N472.52 billion, yet higher than Q3 of the previous year.

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 accounting for 15.27 per cent, N18.17 billion which is 11.93 per cent and N17.35 billion which is 11.39 respectively.

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