Nigeria generated N512.25 billion as Value Added Tax (VAT) in the second quarter year ended 30 June 2021, according to the Sectoral distribution of Value Added Tax report released by the National Bureau of Statistics.
This shows an increase of 3.2% from the N496.39 billion generated in the first quarter and a 56.56% rise from N327.20 billion generated in Q2 2020.
Other Manufacturing generated the highest amount of VAT with N44.89bn generated according to the report.
It was closely followed by Professional Services generating N29.30bn, Commercial and Trading generating N21.96bn.
The Agricultural and plantation sector generated N760.03 million in Q2 2021. This is a 22.92% decline from N986.04 million generated in Q1 2021 and an 8.30% decrease from N828.85 million in Q2 2020.
Automobiles and Assemblies generated N868.07 million in Q2 2021, a 35.03% increase from N642.85 million generated in Q1 2020 and a 64.94% increase from N525.31 million generated in Q2 2020.
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Textile and Garment industry generated the least and closely followed by Pioneering and Pharmaceutical, Soaps and Toiletries with N77.74m, N169m and N188.71m generated respectively.
Out of the total amount generated in Q2 2021, N187.43bn was generated as Non-Import VAT locally while N207.69bn was generated as Non-Import VAT for foreign. The balance of N117.13bn was generated as NCS-Import VAT.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.