The Nigerian Bureau of Statistics has explained that taxes from consumer-based and company transactions had increased by 59.07% amounting to N6.9tn since January.
The bureau yesterday revealed that three months into 2023 it saw an increase in company income tax (CIT) and value-added tax (VAT) from N3.89tn to N6.19tn.
The report showed a 35 per cent increase in VAT from N1.8tn to N2.4tn. Company income tax also showed an 80.5 per cent increase despite the rough economy faced this year.
The NBS reported that the total amount of Value Added Tax for the third quarter was N2.08 trillion, with local remittances amounting to N522.08 billion, foreign VAT income capped at N204.58 billion, and import VAT contributing N221.41 billion.
According to NBS the biggest contributors to income from VAT are the Finance, IT and manufacturing industries.
The bureau further said it experienced an increase in company income tax with a 14 per cent increase from N1.5tn in Q2 2023 to N1.7tn in Q3 2023.
International firms according to NBS have outperformed Nigerian firms on CIT payments, international firms have remitted about N1.1tn while local firms’ payments were capped at N651bn.
The statistics organization analysed that the IT, mining and quarrying as well as manufacturing industries were the biggest contributors to CIT tax income.