Value Added Tax (VAT) & Company Income Tax (CIT) Q3 2021

Executive Summary

The total Value Added Tax (VAT) collected over the first, second and third quarter 2021 were reported at N496.39 billion, N512.25 billion and N500.49 billion respectively compared to the corresponding figures of last year at N324.58 billion, N327.20 billion and N424.71 billion respectively. This shows higher revenue in the first three quarters of 2021, revealing an improvement in collections. On a year-on-year basis, this upsurge shows growth rates of 52.93% in Q1 2021, 56.56% in Q2 2021 and 17.84% in Q3 2021.
On the other hand, first and second quarter 2021 Company Income Tax (CIT) collections were N392.65 billion and N472.07 billion respectively, higher than the corresponding quarters of last year. By third quarter 2021, this has increased to N472.52 billion, yet higher than Q3 of the previous year. In terms of sectoral distribution, Breweries, Bottling and Beverages activity; Professional Services activity; and State Ministries & Parastatals accounted for the top three largest share in Q1 2021 with N23.26 billion (15.27%), N18.17 billion (11.93%) and N17.35 billion (11.39%) respectively.

Data source: National Bureau of Statistics