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Business News of Friday, 17 June 2022


VAT rises 4.4% to N588.59b in Q1

Value Added Tax (VAT) Value Added Tax (VAT)

The National Bureau of Statistics (NBS) said in the First Quarter 2022 Q1 2022, aggregate Value Added Tax (VAT) increased by 4.4% to N588.59 billion from the N563.72 billion in Q4 2021.

Its report: “VAT Q1 2022,” which made this disclosure, said local payments recorded were N344.04 billion in the period under review while Foreign VAT Payment contributed N117.99 billion.

NBS said: “On the aggregate, Value Added Tax (VAT) for Q1 2022 was reported at N588.59 billion, a growth of 4.41% on a quarter-on-quarter basis from N563.72 billion in Q4 2021. Local payments recorded were N344.04 billion in Q1 2022.”

It added that Foreign VAT Payment contributed N117.99 billion.

On a quarter-on-quarter basis, according to the report, the Activities of extraterritorial organizations and bodies recorded the highest growth rate with 469.32%, followed by Water supply, sewerage, waste management and remediation activities with 47.62%.

The report said on the other hand, agriculture, forestry and fishing had the lowest growth rate with –31.04%, followed by real estate activities with –18.74%.

NBS noted that in terms of sectoral contributions, the top three largest shares in Q1 2022 were Manufacturing with 32.84%; Information and Communication with 17.10%; and Mining and Quarrying with 11.85%.

The report said “Conversely, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.04%, followed by Activities of extraterr