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Nigeria’s Value-Added Tax, VAT, rose to N625.39 Billion rom N600.15 billion generated in Q2 2022.
The National Bureau of Statistics had on Monday disclosed how Tax vat increased to the state they are now in Nigeria in its sectoral distribution of VAT for the Q3 202 report in Abuja.
The Federal Inland Revenue Service (FIRS) is responsible for Nigeria’s VAT, a consumption tax. The federation accounts allocation committee, FAAC, shared the funds received from VAT with Nigeria’s three tiers of government in Nigeria.
According to the report, local VAT payments amounted to N367.93 billion in Q3 2022.
“Regarding sectoral contributions, the top three largest shares in Q3 2022 were manufacturing with 31.08 per cent, information and communication with 18.52 per cent, and mining and quarrying with 10.95 per cent,” NBS said.
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