Manufacturing tops list of VAT remittances in Q2, 2022

The manufacturing sector topped Value Added Tax remittances with N118.8bn, representing 33.08 percent of tax collections in the second quarter of 2022.

This is contained in a National Bureau of Statistics report on, “Value Added Tax Q2 2022.”

According to the report, the top three largest shares in Q2 2022 were obtained from the manufacturing sector with 33.08 percent; Information and communication with 18.98 percent; and Mining & quarrying with 10.60 percent.

On the aggregate, Value Added Tax for Q2 2022 was reported at N600.15 billion, showing a growth rate of 1.96 percent on a quarter-on-quarter basis, from N588.59 billion in Q1 2022.

Local payments recorded amounted to N359.12 billion, while foreign VAT payment contributed N111.13 billion in Q2 2022.

NBS/Hauwa Abu