VAT Grows by 17.16% in Q2’22

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CEM REPORT | Value Added Tax (VAT) in the second quarter of the year (Q2’22) grew by 1.96% to stand at N600.15 billion from N588.59 billion in Q1 2022.

The National Bureau of Statistics in its Value Added Tax (VAT) for Q2’22 report explained that on a quarter-on-quarter basis, Electricity, gas, steam and air conditioning supply recorded the highest growth rate with 116.47%, followed by Accommodation and food service activities with 42.44%.

The report reveals that major contributors to the Q2 VAT are manufacturing, information and communication, and mining and quarrying, contributing 33.08%, 18.98 and 10.60% respectively.

Meanwhile, activities of extraterritorial organizations and bodies had the lowest growth rate with –42.39%, followed by Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with –36.57%.

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While activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03%, followed by activities of extraterritorial organizations and bodies with 0.05%; and Water supply, sewerage, waste management and remediation activities with 0.13%

Furthermore, Nigeria earned more from local payments as the data shows that local payments recorded were N359.12 billion, while Foreign VAT Payment contributed N111.13 billion in Q2 2022.

Year-on-year VAT grew by 17.16% in Q2’22.

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