CEM Report, Lagos
SSectoral distribution of Value Added Tax (VAT) data for H1 2020 reflected that the sum of N651.77bn was generated as VAT in H1 2020, Nigerian Bureau of Statistics said in a recent report.
The report said that the H1 2020 figure represents 8.45% growth Year-on-Year as against N600.98bn generated in H1 2019.
According to figures contained in the report, H1 2020 VAT represent 11.68% growth when compared to the N583.599bn generated in H2 2019
Professional Services generated the highest amount of VAT with N95.92bn generated and closely followed by Other Manufacturing generating N67.63bn, Commercial and Trading generating N31.10bn while Mining generated the least and closely followed by Textile and Garment Industry and Pharmaceutical, Soaps and Toiletries with N127.58m, N499.19m and N648.78m generated respectively.
Out of the total amounted generated in H1 2020, N335.82bn was generated as Non-Import VAT locally while N161.74bn was generated as Non-Import VAT for foreign. The balance of N154.21bn was generated as NCS-Import VAT.
Transport and Haulage Services recorded the highest y-o-y percentage increase of 105.73%, when compared Q2 2019 to Q2 2020 growing from N7.439bn to N12.635bn