VAT distribution shows N42bn increase in Q2
October 25, 2017 | 12:20 am| | | Start Conversation
The National Bureau of Statistics (NBS) sectoral distribution of Value Added Tax (VAT) data for second-quarter (Q2) 2017 reflected that the sum of N246.30billion was generated as Value Added Tax in Q2 2017 as against N204.77billion generated in Q1 2017.
This growth of about N42billion in Q2 2017 compares to N187.03billion in Q2 2016 representing 20.28percent increase Quarter-on-Quarter (QoQ) and 31.69percent increase Year-on-Year (YoY).
Out of the amount generated in Q2 2017, N137.79billion was generated as non-import VAT locally while N59.83billion was generated as non-import VAT for foreign. The balance of N48.68billion was generated as Nigerian Customs Service (NSC)-Import VAT.
Other manufacturing generated the highest amount of VAT with N33.69billion generated and closely followed by Professional Services and Oil Producing both generating N21.64billion and N14.94billion respectively while Mining generated the least and closely followed by Local Government Councils and Pharmaceutical, Soaps and Toiletries with N34.19million, N154.72million and N194.26 million generated.
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