Tax & Accounting consulting firm based in Lagos, Nigeria.
VAT Rises by 7.92% to N312 BN in Q2’19
The revenue generated from Value Added Tax (VAT) in the second quarter of 2019 (Q2’19) rose by 7.92 percent to N312 billion from N269.79 billion in the corresponding period of 2018.
The National Bureau of Statistics (NBS), yesterday, disclosed this in its sectoral distribution of Value Added Tax (VAT) data for Q2 2019.
The report showed that ‘Other Manufacturing sector generated the highest amount of VAT of N34.43 billion during the period.
The report stated: “Sectoral distribution of Value Added Tax data for Q2’19 reflected that the sum of N311.94 billion was generated in Q2’19 as against N289.04 billion generated in Q1’19 and N269.79 billion generated in Q2’18 representing 7.92 percent increase quarter-on-quarter, QoQ, and 16.95 percent increase year-on-year, YoY.
“Other manufacturing generated the highest amount of VAT with N34.43 billion generated and closely followed by Professional Services generating N29.58 billion, Commercial and Trading generating N16.27 billion while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment Industry with N50.60 million, N250.09 million and N316.91million generated respectively.
“Out of the total amounted generated in Q2’19, N151.56 billion was generated as Non-Import tax locally while N94.90 billion was generated as Non-Import VAT for foreign. The balance of N65.48 billion was generated as Nigeria Custom Service (NCS)-Import VAT.”