The manufacturing sector once again topped Value Added Tax remittances with N118.8bn, representing 33.08 per cent of receipts collected during the second quarter of 2022.
This is according to data from the National Bureau of
Statistics titled, “Value Added Tax Q2 2022.”
The top three largest shares in Q2 2022 were manufacturing
with 33.08 per cent; Information and communication with 18.98 per cent; and
Mining & quarrying with 10.60 per cent.
On the aggregate, Value Added Tax for Q2 2022 was reported
at N600.15 billion, showing a growth rate of 1.96 per cent 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.
On a quarter-on-quarter basis, electricity, gas, steam and
air conditioning supply recorded the highest growth rate with 116.47 per cent,
followed by accommodation and food service activities which reported 42.44 per
cent each.
On the other hand, activities of extraterritorial
organisations and bodies had the lowest growth rate of 42.39 per cent, followed
by activities of households as employers, undifferentiated goods and
services-producing organisations with
–36.57 per cent.
The N118.8bn recorded in the second quarter of 2022
indicates a 5.07 per cent growth when compared to the 112.9bn recorded in the
first quarter of the year.
The Federal Government, through the Federal Inland Revenue
Service, had grown its proceeds of Value Added Tax by 20 per cent to N1.2tn in
the first six months of 2022.
According to different reports by the National Bureau of
Statistics, the total sum generated through VAT stood at N1.008tn in the first
two quarters of 2021, while in the corresponding period of 2022, the sum of
N1.188 was generated through VAT, indicating a 20 per cent growth within the
last year.
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