By Peter Egwuatu
Despite the economic headwinds, the Federal Government, FG, received N2.01 trillion in indirect taxes in the third quarter of 2022, Q3’22, up 16.6 per cent from the N1.72 trillion collected in the corresponding period of 2021, according to the data of the National Bureau of Statistics, NBS.
Indirect taxes paid to the government by a producers or retailers and later passed on to the consumers. They include value-added taxes (VAT), customs or import duties, excise duty, among others.
Indirect taxes are calculated based on current basic prices.
Meanwhile, 15 leading banks listed on the Nigerian Exchange Limited, NGX, paid N135.3 billion as tax in Q3’22, showing 41.7 per cent rise against N 95.49 billion in the corresponding period of 2021, Q3’21.
The banks’ tax figure also represents 14.7 per cent of their Profit Before Tax, PBT, declared in Q3’22 as against 12.6 percent in Q3’21.
The PBT of the banks rose 21.6 percent to N …
Source: Vanguard Newspaper
