FG’s tax revenue rises 30% to N2.85trn

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New tax tribunal rule may kill businesses, cause job losses ― Expert
New tax tribunal rule may kill businesses, cause job losses ― Expert

* VAT up 40%, CIT 20%

*Manufacturing, professional services lead

 By Babajide Komolafe

Revenue into the Federation Account from Value Added Tax, VAT, and Company Income Tax, CIT, rose by 30.1 per cent, year-on-year, YoY, to N2.85 trillion in nine months ended September 30th, 2021 (9mths-21) from N2.19 trillion in the corresponding period of last year (9mths-2020).

Financial Vanguard findings in the VAT and CIT data for Q3 ‘2021 released by the National Bureau of Statistics, NBS, over the weekend showed that VAT recorded stronger growth at 40 per cent as against the 20 per cent growth recorded in CIT during the 9mths-21 period.

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While the total VAT collections rose to N1.51 trillion in 9mths-21 from N1.08 trillion in the corresponding period of last year (9mths-2020), indicating 40 per cent increase, the CIT revenue rose to N1.34 trillion in the 9mths-21 from N1.11 trillion…



Source: Vanguard Newspaper

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