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VAT Hits N246.30bn In Q2 — NBS Report  


VAT Hits N246.30bn In Q2 — NBS Report  

VAT Hits N246.30bn In Q2 — NBS Report

N246.30bn Generated As VAT In Q2 — NBS Report  

N246.30bn Generated As VAT In Q2 — NBS Report

 The National Bureau of Statistics (NBS) has said that N246.30 billion was generated as Value Added Tax (VAT) in the second quarter of the year. The information was contained in it’s `Sectoral Distribution of Value Added Tax’’ for the Second Quarter released on Friday in Abuja.

The report stated that the value generated in the quarter  was greater than N204.77 billion generated in the first quarter  of the year and N187.03 billion realised in the second quarter of 2016. It said the value represented a 20.28 per cent increase quarter-on-quarter and 31.69 per cent increase year-on-year.

According to the Nigerian Bureau of statistics, the manufacturing sector generated the highest amount of VAT with N33.69 billion, closely followed by professional services and oil producing of N21.64 billion and N14.94 billion respectively.

It said the mining sector generated the least and closely followed by local government councils and pharmaceutical, soaps and toiletries with N34.19 million, N154.72 million and N194.26 million in that order.

It noted that out of the total amount generated in the second quarter, N137.79 billion was realised  as Non-Import VAT locally, while N59.83 billion was generated as Non-Import VAT for foreign.

It further said the balance of N48.68 billion was generated as Nigeria Customs Service Import VAT.

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