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Manufacturing tops Q2 VAT remittances with N119bn

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NBSThe 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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