Nigeria generates N311.94 billion as VAT in Q2 2019
Nigeria generated a total of N311.94 billion as Value Added Tax (VAT) in Q2 2019, according to the sectoral distribution of VAT data for Q2 2019 issued by the National Bureau of Statistics (NBS).
In comparison, the sum of N289.04 billion was generated in Q1 2019 and N269.79 billion generated in Q2 2018, representing 7.92 percent increase QoQ and 16.95 percent increase YoY respectively.
Sectoral distribution of Value Added Tax (VAT) data for Q2 2019 reflected that the sum of N311.94 billion was generated as VAT in Q2 2019 as against N289.04 billion generated in Q1 2019 and N269.79 billion generated in Q2 2018 representing 7.92 percent increase QoQ and 16.95 percent increase YoY.
A sectoral breakdown of VAT generated during Q2 showed that Other Manufacturing generated the highest amount with N34.43 billion and closely followed by Professional Services, which generated N29.58 billion. Commercial and Trading generated N16.27 billion while Mining generated the least with N50.60 million. Pharmaceutical, Soaps & Toiletries pooled N250.09 million while Textile and Garment Industry generated N316.91 million.
Out of the total amount generated in Q2 201 9, N151.56 billion was generated as Non-Import VAT locally, while N94.90 billion was generated as Non-Import VAT for foreign. The balance of N65.48 billion was generated as NCS-Import VAT, the NBS report indicated.