The Federal Government generated N1.4 trillion from Value Added Tax (VAT) and Company Income Tax in three months, IgbereTV reports
The National Bureau of Statistics (NBS) disclosed this in its latest tax report on VAT and CIT released on Monday in Abuja.
The agency revealed that the federal government generated N625.39 billion between July and September this year.
This, according to NBS, was a 4.21 percent increase on a quarter-on-quarter basis when compared to N600.15 billion recorded in the second quarter of this year.
The breakdown of the figure showed that the government generated N367.93 billion from local VAT payments, and N121.85 billion from foreign while import VAT contributed N135.61 billion during the period
On a quarter-on-quarter basis, arts, entertainment, and recreation activities recorded the highest growth rate with 61.09 percent followed by activities of extraterritorial organizations and bodies with 44.47%.
On the other hand, household activities, undifferentiated goods, and services-producing activities of households for own use had the lowest growth rate with –56.37 percent, followed by water supply, sewerage, waste management, and remediation activities with –32.02 percent.
On sectoral contributions, the top three largest contributors in Q3 were manufacturing with 31.08 percent, information and communication with 18.52 percent, and mining and quarrying with 10.95 percent.
Conversely, households activities undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 percent, followed by activities of extraterritorial organizations and bodies with 0.06 percent and water supply, sewerage, waste management, and remediation activities with 0.08 percent
