National Bureau of Statistics (NBS) says Value Added Tax (VAT) records decrease.

Written by on December 6, 2021

The National Bureau of Statistics (NBS) says the Value Added Tax (VAT) recorded a 11.76-billion-naira decrease from 512.25 billion naira in second Quarter, 2021 to 500.49 billion naira in third Quarter.

It also said that Company Income Tax (CIT) collections received a 450-million-naira boost from 472.07 billion naira in second quarter to 472.52 billion naira in third quarter.

The NBS said this in its VAT-CIT quarter three, 2021 report obtained from its website on Saturday, in Abuja.

According to it, VAT collected in the first quarter stood at 496.39 billion naira, second 512.25 billion naira.

It added that compared to the corresponding figures of 2020 with the first quarter at 324.58 billion naira, second 327.20 billion naira and third 424.71 billion naira, there was a higher revenue in the first three quarters of 2021, revealing an improvement in collections.

Of the 472.52 billion naira, local CIT collection was 292.005 billion naira, while foreign CIT payment was 180.51 billion naira.

The data for the report was provided by the Federal Inland Revenue Service (FIRS), verified and validated by the NBS.

Seun Fakorede  

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