BY BAMIDELE FAMOOFO
On the aggregate, Value Added Tax (VAT) for Q4 2021 was reported at N563.72 billion, a growth of 12.63 percent on a quarter-on-quarter basis from N500.49 billion in Q3 2021.
Figures made available by the National Bureau of Statistics showed that local payments recorded were N333.29 billion in Q4 2021, while Foreign VAT Payment contributed N103.52 billion.
On a quarter-on-quarter basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 150.16 percent, followed by agriculture, forestry and fishing with 92.48 percent. On the other hand, arts, entertainment and recreation had the lowest growth rate with -7.07 percent, followed by education with -5.69 percent.
In terms of sectoral contributions, the top three largest shares in Q4 2021 were manufacturing with 30.86 percent; information and communication with 18.72 percent and mining and quarrying with 9.91 percent. Conversely, the activities of extraterritorial organizations and bodies recorded the least share with 0.02 percent, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 0.04 percent; and water supply, sewerage, waste management and remediation activities with 0.11 percent. However, on a year-on-year basis, VAT collections in Q4 2021 increased by 23.98 percent from Q4 2020.
