The National Bureau of Statistics (NBS) on Monday said the Federal Government raked in N651.77billion Value Added Tax in the six months (H1) of 2020.
In its website report titled “Sectorial distribution of value added tax (H1 2020)”, the bureau noted it was higher than its collection of the corresponding time of last year that was N600.98billion.
According to the report, the increase represents 8.5 per cent growth Year-on-Year.
NBS said: “Sectoral distribution of Value Added Tax (VAT) 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% growth Year-on-Year.”
The report added professional services generated the highest amount of VAT with N95.92bn closely followed by other manufacturing generating N67.63bn; commercial and trading generating N31.10bn while 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.
In the period under review, NBS said N335.82bn was generated as Non-Import VAT locally while N161.74bn was generated as Non-Import VAT for foreign.
The balance of N154.21bn was generated as NCS-Import VAT.
