FG Generates N512 Billion VAT In Second Quarter Of 2021

The National Bureau of Statistics (NBS) says the federal government generated N512.25 billion as Value Added Tax (VAT) in the second quarter of the year.

This is against N496.39 billion generated in the first quarter (Q1) 2021 and N327.20 billion generated in Q2 2020.

The Bureau disclosed this in its “Sectoral Distribution of Value Added Tax Data for Q2 2021”, released on Tuesday.

The bureau said the figure represents a 3.20 per cent increase Quarter-on-Quarter and 56.56 per cent increase Year-on-Year.

It said the manufacturing sector generated the highest amount of VAT with N44.89 billion generated and closely followed by professional services generating N29.30 billion.

Commercial and trading generated N21.96 billion while textile and garment industry generated the least and closely followed by pioneering and pharmaceutical, soaps and toiletries with N77.74 million, N169 million and N188.71 million generated respectively.

“Out of the total amount generated in Q2 2021, N187.43 billion was generated as Non-Import VAT locally while N207.69 billion was generated as Non-Import VAT for foreign,” the report said.

According to the report, the balance of N117.13 billion was generated as import VAT.

– Premium Times