SAT, 03 SEPT, 2022-theGBJournal| The latest data published by the National Bureau of Statistics (NBS) shows Nigeria’s improving Value Added Tax (VAT) Collection.
On the aggregate, VAT for Q2 2022 was reported at N600.15 billion, showing a growth rate of 1.96% on a quarter-on-quarter basis from N588.59 billion in Q1 2022. And on a year-on-year basis, VAT collections in Q2 2022 increased by 17.16% from Q2 2021.
Local payments recorded were N359.12 billion, while Foreign VAT Payment contributed N111.13 billion in Q2 2022.
The Data which is provided by the Federal Inland Revenue Service (FIRS) and verified and validated by the NBS, shows that, in terms of sectoral contributions, the top three largest shares in Q2 2022 were Manufacturing with 33.08%; Information and communication with 18.98%; and Mining & quarrying with 10.60%.
Conversely, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03%, followed by Activities of extraterritorial organizations and bodies with 0.05%; and Water supply, sewerage, waste management and remediation activities with 0.13%.
Electricity, gas, steam and air conditioning supply recorded the highest growth rate with 116.47%, followed by Accommodation and food service activities with 42.44% on a quarter-on-quarter basis.
On the other hand, Activities of extraterritorial organizations and bodies had the lowest growth rate with –42.39%, followed by Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with –36.57%.
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