The National Bureau of Statistics (NBS) reported on Monday that Value Added Tax (VAT) collection saw a notable growth of 9.11% in Q2 2024, amounting to N1.56 trillion.
The NBS’s Q2 2024 VAT report reveals that, on a quarter-to-quarter basis, the collection in the previous quarter (Q1 2024) was N1.43 trillion.
The report said: “On the aggregate, Value Added Tax (VAT) for Q2 2024 was reported at N1.56 trillion, showing a growth rate of 9.11% on a quarter-on-quarter basis from N1.43 trillion in Q1 2024.”
NBS reported that local payments totaled N792.58 billion, foreign VAT payments totaled N395.74 billion, and import VAT contributed N372.95 billion in Q2 2024.
According to the Bureau, on a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 98.44%, followed by agriculture, forestry, and fishing with 70.26%, and water supply, sewerage, waste management, and remediation activities with 59.75%.
On the other hand, NBS said activities of households as employers and undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with -46.84%, followed by real estate activities with -42.59%.
In terms of sectoral contributions, the top three largest shares in Q2 2024 were manufacturing with 11.78%; information and communication with 9.02%; and mining and quarrying with 8.79%.
The report added that nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by activities of extraterritorial organizations and bodies with 0.01% and water supply, sewerage, waste management, and remediation activities with and Real Estate Services 0.04% each.
NBS reported a substantial 99.82% year-on-year surge in VAT collections for Q2 2024, compared to the same quarter in the previous year.
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