Nigeria's VAT Revenue Increases In 2019 Second Quarter The figure is higher than the amount generated in the first quarter of the year, NBS said.
The Nigerian Government has generated the sum of N311.94 billion from Value Added Tax in the second quarter of 2019.‘Sectoral Distribution Of Value Added Tax ’In the report, the figure generated in the Q2 is higher than the N289.04 billion generated in the first quarter of the year in review.
It revealed that other manufacturing generated the highest amount of VAT with a sum of N34.43billion.According to the NBS, this is closely followed by Professional Services which generated N29.58bn, while Commercial and Trading generated N16.27bn and Mining generated the least with a figure of N50.60millon.
The agency explained that the data used in preparing the report were provided by the Federal Inland Revenue Service and verified and validated by the NBS.Sectoral distribution of Value Added Tax data for Q2 2019 reflected that the sum of N311.94bn was generated as VAT in Q2 2019 as against N289.04bn generated in Q1 2019 and N269.79bn generated in Q2 2018 representing 7.92% increase QoQ and 16.95% increase YoY.
Other manufacturing generated the highest amount of VAT with N34.43bn generated and closely followed by Professional Services generating N29.58bn, Commercial and Trading generating N16.27bn while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment Industry with N50.60mln, N250.09mln and N316.91mln generated respectively.
Out of the total amount 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.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AFEX decries declining cocoa yields in Nigeria - Premium Times NigeriaMr Balogun said cocoa, if fully harnessed, would become the second largest foreign exchange earner for Nigeria next to crude oil
Read more »
Proscription order: Court to hear IMN’s motion on WednesdayNigeria News - The Federal High Court, Abuja, will, on Wednesday, hear the motion filed by the Islamic Movement in Nigeria (IMN), asking the court to...
Read more »
Bishop Wale Oke raises alarm about Nigerian churches - Daily Post NigeriaBishop Wale Oke, the National Deputy President, Pentecostal Fellowship of Nigeria (PFN), says churches in Nigeria are deviating from the cause of soul winn
Read more »
Churches in Nigeria losing focus, says Bishop Wale OkeBishop Wale Oke, the National Deputy President, Pentecostal Fellowship of Nigeria (PFN), says churches in Nigeria are deviating
Read more »
Nigerian students dangerously exposed to corruption – ICPC survey | The Guardian Nigeria News - Nigeria and World NewsThe Independent Corrupt Practices and Other Related Offences Commission (ICPC) says the outcome of a recent survey conducted by it indicated that students of tertiary institutions...
Read more »
Police to dismiss two officers for working with Wadume | The Guardian Nigeria News - Nigeria and World NewsNigeria Police authorities may dismiss two of its officers after allegedly working with a suspected kidnap kingpin Hamisu Bala Wadume. A top police source told The Guardian that the Assistant Superintendent of Police, Aondonna Iorbee, and Inspector Aliyu attached to Ibi police division might be dismissed for allegedly colluding with the criminal. Wadume was rearrested …
Read more »