FG generates N311.94bn VAT in Q2 2019 – NBS

Data from the National Bureau od Statistics (NBS) revealed that the sum of N311.94 billion was generated as Value Added Tax (VAT) in second quarter  2019.

The Statistocs Bureau in its Sectoral Distribution Of Value Added Tax (Q2 2019) report, staed that the amount was higher compared to N289.04 billion generated in the first quarter of 2019 and N269.79bn generated in Q2 2018 representing 7.92 per cent and 16.95 per cent quarter-on-quarter and year-on-year respectively.

Sectoral distribution showed that Other manufacturing generated the highest amount of VAT with N34.43 billion closely followed by Professional Services generating which generayed N29.58 billion.

Commercial and Trading generated N16.27 billion while Mining generated the least, closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment Industry with N50.60 million, N250.09 million and N316.91 million respectively.

Out of the total amounted generated in Q2 2019, N151.56 billion was generated as Non-Import VAT locally while N94.90 billiion was generated as Non-Import VAT for foreign. The balance of N65.48 billion was generated as NCS-Import VAT.

Matched content

Be the first to comment

Leave a Reply

Your email address will not be published.