Nigeria’s Value Added Tax collection for Q2, 2022 hits N600bn
Value Added Tax (VAT) for Q2 2022 in Nigeria is reported at N600.15 billion on aggregate, showing a growth rate of 1.96% on a quarter-on-quarter basis from N588.59 billion in Q1 2022, the National Bureau of Statistics has said.
The NBS posted the report on Value Added Tax for Q2, 2022 on its website.
The report showed that local payments recorded N359.12 billion, while Foreign VAT Payment contributed N111.13 billion in Q2 2022.
Meanwhile, on a quarter-on-quarter basis, Electricity, gas, steam and air conditioning supply recorded the highest growth rate with 116.47%, followed by Accommodation and food service activities with 42.44%.
READ ALSO: Nigeria’s Agricultural Sector Records 1.20% Growth (Q2 2022) – NBS
However, some sectors recorded low growth rate.
“On the other hand, Activities of extraterritorial organisations and bodies had the lowest growth rate with –42.39%, followed by Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with –36.57%,” the summary of the report showed.
It added that: “In terms of sectoral contributions, the top three largest shares in Q2 2022 were Manufacturing with 33.08%; Information and communication with 18.98%; and Mining & quarrying with 10.60%.
“Conversely, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03%, followed by Activities of extraterritorial organisations and bodies with 0.05%; and Water supply, sewerage, waste management and remediation activities with 0.13%.”
The report however showed that on a year-on-year basis, VAT collections in Q2 2022 increased by 17.16% from Q2 2021.
Leave a Reply