A total sum of N311.94bn was generated as VAT by the different sectors of the economy in Q2 2019 as against N289.04bn generated in Q1 2019 representing an increase of 7.92% (Quarter on Quarter). This amount is up 16.95% from Q2 2018 with a total VAT of N269.79bn
The Sectoral distribution of Value Added Tax (VAT) data report released the Nigerian Bureau of Statistics on Monday shows that other manufacturing generated N34.43bn out of the total representing the highest amount generated by other sectors. This was closely followed by Professional Services generating N29.58bn and Commercial and Trading generating N16.27bn.
The report shows that Textile and Garment Industry generated N316.91mln follows by Pharmaceutical, Soaps & Toiletries which generated N250.09mln. The Mining sector generated the least contributing with N50.60mln.
Out of the total amounted generated in Q2 2019, N151.56bn was generated as Non-Import VAT locally while N94.90bn was generated as Non-Import VAT for foreign. The balance of N65.48bn was generated as NCS-Import VAT.
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The report also shows that the Transport and Haulage service saw the highest increase in VAT moving from N781.4mln in Q2 2018 and N2.4bn in Q1 2019 to N7.4bn in Q2 2019 representing 278.15 (Year on Year) and 203.35 percent (Quarter on Quarter) respectively.