Nigeria Earned ₦512.25bn From VAT In Q2 2021
The federal government said it generated N512.25 billion revenue from Value Added Tax (VAT) in the second quarter of 2021.
This was an improvement of 3.2 per cent compared to N496.39 billion made in the first quarter of the year.
According to Q2 2021 sectoral distribution of Value Added Tax (VAT) released by the National Bureau of Statistics (NBS), what was realised in the second quarter of this year was 56.56 per cent better than what was realised in the second quarter of last year.
In the second quarter (Q2 period) of last year, N327.2 billion was generated despite the fact that most parts of the country were shut down due to the Covid-19 pandemic.
Data from NBS showed that most of the VAT generated in Q2 2021 came from other manufacturing sector which added N44.89 billion tax income to government revenue.
This was followed by professional services which generated N29.30 billion while the commercial and trading sector which generated N21.96 billion came third.
Textile and Garment industry generated the least VAT during the period, followed by pioneering pharmaceuticals, and soaps and toiletries, with N77.74 million, N169 million and N188.71 million respectively.
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 balance of N117.13bn was generated as NCS-import VAT.
