Nigeria has generated Value Added Tax of N1tn between January to June according to a data released by the National Bureau of Statistics.
NBS disclosed this in its ‘Sectoral Distribution of Tax’ report for the second quarter of 2021.
VAT generated in the second quarter according to the bureau grew 56.56 per cent to N512.25bn from the N327.20bn generated during the same period in 2020 when the country was in the Covid-19 induced lockdown.
In the first quarter, the country generated N496.39bn from VAT which shows an increase in VAT revenues by 3.20 per cent compared to the N512.25bn recorded by the end of June.
The largest VAT was generated by Other Manufacturing with VAT of N44.89bn generated and followed by Professional Services generating N29.30bn.
N21.96bn was generated from Commercial and Trading, while Textile and Garment industry generated the least with N77.74m and closely followed by Pioneering and Pharmaceutical, Soaps and Toiletries with N169m and N188.71m generated respectively.
According to the data, out of the total amounted generated in Q2 2021, N187.43bn was generated as Non-Import VAT locally, while N207.69bn was generated as Non-Import VAT for foreign.
The balance of N117.13bn was generated as Nigerian Custom Service-Import VAT.