VAT Generation Hits N512.25b In Q2

 VAT Generation Hits N512.25b In Q2

The National Bureau of Statistics has said the Federal Inland Revenue Service (FIRS) generated N512.25 billion Value Added Tax (VAT) in the second quarter of 2021.

This is higher than the revenue generation of N496.36billion in the first quarter of 2021 and N327.20 billion in the corresponding period of 2020.

The sectoral distribution of Value Added Tax (VAT) data for Q2 2021, which made this disclosure noted it represented 3.20 percent increase in quarter-on-quarter and 56.56 percent rise in year-on-year.

The report said ” the data 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 3.20percent increase Quarter-on-Quarter and 56.56percent increase Year-on-Year.”

The NBS said the manufacturing sector  generated the highest amount of VAT with N44.89 billion generated and it was closely followed by professional services generating N29.30billion, Commercial and Trading generating N21.96billion.

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.

Also the report noted that out of the total amount generated in Q2 2021, N187.43bn was generated as Non-Import VAT locally while N207.69bn was generated as Non-Import VAT for foreign. The balance of N117.13bn was generated as NCS-Import VAT.

Kehinde Ogunyale

Freelance Investigative and Data Journalist

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