The Value Added Tax (VAT) Q4 2022 Report released by the National Bureau of Statistics (NBS), says the aggregate Value Added Tax (VAT) stood at N697.38 billion in Q4 2022.
The Report released in Abuja on Wednesday shows a growth rate of 11.51 percent on a quarter-on-quarter basis from N625.39 billion in Q3 2022.
The report said the local payments recorded were N408.12 billion, while foreign VAT payments contributed N159.83 billion, and import VAT contributed N129.43 billion in Q4 2022.
It said on a quarter-on-quarter basis, the arts, entertainment, and recreation activities recorded the highest growth rate with 43.82 percent, followed by human health and social work activities with 35.82 percent.
“On the other hand, agriculture, forestry, and fishing had the lowest growth rate with 30.12 percent, followed by activities of extra-territorial organizations and bodies with 19.81 percent.”
In terms of sectoral contributions, the report showed the top three largest shares in Q4 2022 were manufacturing with 32.17 percent, information, and communication with 18.05 percent, and public administration and defense, compulsory social security with 9.87 percent.
“On the other hand, activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share with 0.01 percent.
“This was followed by activities of extra-territorial organizations and bodies with 0.05 percent, and Water supply, sewerage, waste management, and remediation activities with 0.07 percent.
The report, however, said, on a year-on-year basis, VAT collections in Q4 2022 increased by 21.71 percent from Q4 2021.
