By Elizabeth Adegbesan

Government revenue from Value Added Tax, VAT,   rose by 3.0 per cent, quarter-on-quarter, QoQ,   to N512.25 billion in the second quarter of the year, Q1’21,   from   N496.39 billion in Q1’21.

The National Bureau of Statistics, NBS, disclosed this in its report on the Sectoral Distribution of VAT for Q2’21. The report shows that  categories under ‘Other Manufacturing’ sector generated the highest amount of VAT (N44.89 billion) closely followed by Professional Services which generated   N29.30 billion during the quarter.

The report stated: “Sectoral distribution of VAT data for Q2’ 21 reflected that the sum of N512.25 billion was generated as VAT in Q2’21 as against N496.39 billion generated in Q1’21 and N327.20 billion generated in Q2’20 representing 3.20 per cent increase QoQ and 57 per cent increase year-on-year (YoY).

READ ALSO: Company Income Tax rises 20% to N472 bn in Q2’21— NBS

“Other Manufacturing generated the highest amount of VAT with N44.89 billion generated and closely followed by Professional Services generating N29.30 billion, Commercial and Trading generating N21.96 billion   while Textile and Garment industry generated the least and closely followed by Pioneering and   Pharmaceutical, Soaps and Toiletries with N77.74 million, N169 million and N188.71 million generated respectively.

“Out of the total amount generated in Q2 ’21, N187.43 billion was generated as Non-Import VAT locally while N207.69 billion was generated as Non-Import VAT for foreign. The balance of N117.13 billion was generated as Nigeria Customs Service-Import VAT.” 

Vanguard News Nigeria

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.