VAT collections rise to N563bn in Q4 2021

efe vat
efe vat

From Isaac Anumihe, Abuja

Value Added Tax (VAT) for Q4, 2021, rose to N563.72 billion, repreenting a growth of 12.63 per cent on a quarter-on-quarter basis from N500.49 billion in Q3 2021 according to the National Bureau of Statistcs.(NBS)

The figure which  was obtained from National Bureau of Statistics website, further explained that local payments recorded during the period, were N333.29 billion in Q4 2021, while foreign VAT payment contributed N103.52 billion.

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On a quarter-on-quarter basis, the activities of extraterritorial organisations and bodies recorded the highest growth rate with 150.16 per cent, followed by agriculture, forestry and fishing with 92.48 per cent. On the other hand, arts, entertainment and recreation had the lowest growth rate with -7.07  per cent, followed by education with -5.69 per cent. “In terms of sectoral contributions, the top three largest shares in Q4 2021 were manufacturing with 30.86 per cent; information and communication with 18.72 per cent and Mining and Quarrying with 9.91 per cent. Conversely, the activities of extraterritorial organisations and bodies recorded the least share with 0.02 per cent, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 0.04 per cent; and water supply, sewerage, waste management and remediation activities with 0.11 per cent. However, on a year-on-year basis, VAT collections in Q4 2021 increased by 23.98 per cent from Q4 2020,” NBS said.

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