Nigeria generates N512bn from VAT in Q2

Value Added Tax generated in the second quarter of 2021 rose to N512.25bn, from N495.39bn generated in Q1.

The figures were contained in the ‘Sectoral Distribution of Value Added Tax’ report released on Wednesday by the National Bureau of Statistics.

The report read, “Sectorial distribution of Value Added Tax (VAT) data for Q2 2021 reflected that the sum of N512.25bn was generated as VAT in Q2 2021 as against N496.39bn generated in Q1 2021 and N327.20bn generated in Q2 2020 representing 3.20 per cent increase Quarter-on-Quarter and 56.56 per cent increase Year-on-Year.”

The NBS disclosed that out of the total VAT generated, N187.43bn constituted Non-Import VAT locally while N207.69bn was generated as Non-Import VAT for foreign.

Meanwhile, the balance of N117.13bn was generated from the Nigerian Customs Service Import VAT.

The report also noted that by sector, other Manufacturing generated the highest amount of VAT with N44.89bn, followed by Professional Services generating N29.30bn, Commercial and Trading generating N21.96bn.

“Textile and Garment industry generated the least and closely followed by Pioneering and Pharmaceutical, Soaps and Toiletries with N77.74m, N169m and N188.71m generated respectively,” the report added.

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