The N1.18tn was raised from Value Added Tax and Company Income Tax.
In Q1 2023, the government raised N709.59bn from VAT and N469.01bn from CIT. According to the Federal Inland Revenue Service, CIT is a 30 per cent tax imposed on the profit of companies and VAT is a 7.5 per cent consumption tax paid when goods are purchased, and services rendered and borne by the final consumer.
According to the National Statistics Bureau, manufacturing, information and communication, and mining and quarrying sector are the largest contributors to the VAT. The VAT report read, “On the aggregate, Value Added Tax for Q1 2023 was reported at N709.59bn, showing a growth rate of 1.75 per cent on a quarter-on-quarter basis from N697.38bn in Q4 2022.
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