Despite the economic headwinds, the Federal Government, FG, received $4.5 billion in indirect taxes in the third quarter of 2022, Q3’22, up 16.6 per cent from the $3.9 billion collected in the corresponding period of 2021, according to the data of the National Bureau of Statistics, NBS.
Indirect taxes are paid to the government by producers or retailers and later passed on to the consumers. They include value-added taxes (VAT), customs or import duties, and excise duties, among others. Indirect taxes are calculated based on current basic prices.
Meanwhile, 15 leading banks listed on the Nigerian Exchange Limited, NGX, paid $305.8 million as tax in Q3’22, showing a 41.7 per cent rise against $215.8 million in the corresponding period of 2021, Q3’21.
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