The federal government’s revenue from Value Added Tax, VAT, and Company Income Tax, CIT, increased by 33 per cent annually from N3.68 trillion in 2021 to N4.92 trillion in 2022.
National Bureau of Statistic’s fourth quarter 2022 (Q4’22) CIT and VAT reports disclosed this on Wednesday.
The report said CIT collections rose to N2.42 trillion in 2022 from N1.67 trillion in 2021, and the VAT revenue rose to N2.49 trillion in 2022 from N2 trillion in 2021.
However, it is worth noting that the CIT fell Quarter-on-Quarter by 6.9 per cent to N763.88 billion in Q4’22 from N810.19 billion in Q3’22.
It further showed that VAT rose to N697.38 billion in Q4’22 from N625.39 billion in Q3’22.
The NBS said: “On the aggregate, CIT for Q4′ 22 was reported at N753.88 billion, indicating a growth rate of -6.95 per cent on a QoQ basis from N810.19 billion in Q3’22. “Local payments received were N353.90 billion, while Foreign CIT Payment contributed N399.98 billion in Q4’22.
“Local payments recorded were N408.12 billion, Foreign VAT Payments were N159.83 billion, while import VAT contributed N129.43 billion in Q4’22.”
