FG GENERATES N311.94BN FROM VAT IN Q2, 2019 – NBS
The Federal Government has generated N311.94 billion from Value Added Tax (VAT) in the second quarter of 2019, the National Bureau of Statistics (NBS) has said. It said this in its Sectoral Distribution of VAT, Quarter Two obtained from its website on Tuesday in Abuja. According to the report, the figure is higher than the N289.04 billion generated in Quarter One and N269.79 billion generated in Quarter Two, 2018 representing 7.92 per cent increase quarter-on-quarter and 16.95 per cent increase year-on-year.
It also said that the manufacturing sector generated the highest amount of VAT, with N34.43 billion generated and closely followed by professional services generating N29.58 billion. The report said that commercial and trading generated N16.27 billion while mining generated the least of N50.60 million. It added that pharmaceutical, soaps and toiletries and textile generated N250.09 million, while the garment industry generated N316.91 million.
“Out of the total amount generated in Quarter Two, 2019, 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 Nigeria Customs Service-Import VAT,” it said. The report said data was provided by the Federal Inland Revenue Service (FIRS) and verified and validated by the NBS.