VAT for Q2 stood at N600.15 billion: NBS

The Nationwide Bureau of Statistics (NBS) says the combination Worth Added Tax (VAT) was reported at N600.15 billion for Q2 2022.

That is in response to the VAT Q2 2022 Report launched in Abuja on Saturday, exhibiting a progress fee of 1.96 per cent on a quarter-on-quarter foundation from N588.59 billion in Q1 2022.

The report mentioned the native funds recorded have been N359.12 billion, whereas international VAT funds contributed N111.13 billion in Q2 2022.

It mentioned on a quarter-on-quarter foundation, electrical energy, gasoline, steam and air-con provide recorded the best progress fee with 116.47 per cent, adopted by lodging and meals service actions with 42.44 per cent

“Then again, actions of extraterritorial organisations and our bodies had the bottom progress fee with 42.39 per cent.

“This was adopted by actions of households as employers, undifferentiated items and services-producing actions of households for personal use with 36.57 per cent.”

By way of sectoral contributions, the report confirmed the highest three largest shares in Q2 2022 have been Manufacturing with 33.08 per cent, info and communication with 18.98 per cent, and mining and quarrying with 10.60 per cent.

“Then again, actions of households as employers, undifferentiated goods- and services-producing actions of households for personal use recorded the least share with 0.03 per cent.

“This was adopted by actions of extraterritorial organisations and our bodies with 0.05 per cent; and water provide, sewerage, waste administration and remediation actions with 0.13 per cent.”

The report, nevertheless, mentioned, on a year-on-year foundation, VAT collections in Q2 2022 elevated by 17.16 per cent from Q2 2021.

(NAN)