National Bureau of Statistics (NBS) has disclosed that Value Added Tax (VAT) collection for Q2 2022 in Nigeria hit N600.15 billion on aggregate, showing a growth rate of 1.96 per cent on a quarter-on-quarter basis from N588.59 billion in Q1 2022.
NBS posted the report on Value Added Tax for Q2, 2022 on its website.
The report shows that local payments recorded N359.12 billion, while Foreign VAT Payment contributed N111.13 billion in Q2 2022.
Meanwhile, 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 with 42.44 per cent.
However, some sectors recorded low growth rate.
“On the other hand, Activities of extraterritorial organisations 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 per cent,” the summary of the report read.
Continuing, the report said: “In terms of sectoral contributions, the top three largest shares in Q2 2022 were manufacturing with 33.08 per cent; information and communication (ICT) with 18.98 per cent; and mining & quarrying with 10.60 per cent.
“Conversely, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03 per cent, followed by activities of extraterritorial organisations and bodies with 0.05 per cent; and water supply, sewerage, waste management and remediation activities with 0.13 per cent.”
The report however showed that on a year-on-year basis, VAT collections in Q2 2022 increased by 17.16 per cent from Q2 2021.