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VAT For Q2 Stood At N600.15bn – NBS

The National Bureau of Statistics (NBS), says the aggregate Value Added Tax (VAT) was reported at N600.15 billion for Q2 2022.

This is according to the VAT Q2 2022 Report released in Abuja on Saturday.

According to the report, this shows a growth rate of 1.96 percent on a quarter-on-quarter basis from N588.59 billion in Q1 2022.

The report said the local payments recorded were N359.12 billion, while foreign VAT payments contributed N111.13 billion in Q2 2022.

It said on a quarter-on-quarter basis, electricity, gas, steam, and air conditioning supply recorded the highest growth rate with 116.47 percent, followed by accommodation and food service activities with 42.44 percent.

“On the other hand, activities of extraterritorial organizations and bodies had the lowest growth rate with 42.39 percent.

“This was followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 36.57 percent.”

In terms of sectoral contributions, the report showed the top three largest shares in Q2 2022 were Manufacturing with 33.08 percent, information and communication with 18.98 percent, and mining and quarrying with 10.60 percent.

“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03 percent.

“This was followed by activities of extraterritorial organizations and bodies with 0.05 percent; and water supply, sewerage, waste management and remediation activities with 0.13 percent.”

The report, however, said, on a year-on-year basis, VAT collections in Q2 2022 increased by 17.16 percent from Q2 2021. (NAN)

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