Value Added Tax (VAT) Q2 2023

Executive Summary

On the aggregate, Value Added Tax (VAT) for Q2 2023 was reported at N781.35 billion, showing a growth rate of 10.11% on a quarter-on-quarter basis from N709.59 billion in Q1 2023. Local payments recorded were N512.03 billion, Foreign VAT Payments were N142.63 billion, while import VAT contributed N126.69 billion in Q2 2023. On a quarter-on-quarter basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 212.06%, followed by real estate activities with 123.09%. On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –57.06%, followed by agriculture, forestry, and fishing with –32.86%. In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 29.64%; information and communication with 21.19%; and financial and insurance activities with 11.18%. 

Data source: National Bureau of Statistics