By John Ofikhenua, Abuja
The National Bureau of Statistics (NBS) on Tuesday said the Federal Inland Revenue Service (FIRS) generated N512.25 billion Value Added Tax (VAT) in second quarter of 2021.
It also recalled there was a revenue generation of N496.36billion in the first quarter of 2021 and N327.20 billion in the corresponding period of 2020.
The sectoral distribution of Value Added Tax (VAT) data for Q2 2021, which made this disclosure noted it represented 3.20% increase in quarter-on-quarter and 56.56% rise in year-on-year.
The document said the data “reflected that the sum of N512.25bn was
generated as VAT in Q2 2021 as against N496.39bn generated in Q1 2021 and N327.20bn generated in Q2 2020 representing 3.20% increase Quarter-on-Quarter and 56.56% increase Year-on-Year.”
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The NBS said other manufacturing generated the highest amount of VAT with N44.89billon generated and closely followed by professional services generating N29.30bn, Commercial and Trading generating N21.96billion
while textile and garment industry generated the least and closely followed by pioneering and pharmaceutical, soaps and toiletries with N77.74m, N169m and N188.71m generated respectively.
According to the report, 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 NCS-Import VAT.
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