N651.77bn generated from VAT in six months – NBS

A total of N651.77bn was generated from Value Added Tax in the first half of 2020, according to latest figures from the National Bureau of Statistics.

The NBS disclosed this on Monday in its report on, “Sectoral distribution on Value Added Tax,” for the half year period of 2020.

Part of the report reads, “Sectoral distribution of Value Added Tax data for H1 2020 reflected that the sum of N651.77bn was generated as VAT in H1 2020 as against N600.98bn generated in H1 2019.

“This represents 8.45 per cent growth year-on-year.”

Professional services generated the highest amount of VAT with N95.92bn generated and closely followed by other manufacturing generating N67.63bn, commercial and trading generating N31.10bn, it added.

The report said mining generated the least, closely followed by textile and garment industry and pharmaceutical, soaps and toiletries with N127.58m, N499.19m and N648.78m generated respectively.

Out of the first half total, N335.82bn was classified as local non-import VAT while N161.74bn was classified as foreign non-import VAT.

The balance of N154.21bn was classified as NCS-import VAT.