The manufacturing sector in the second quarter of 2022 contributed N118.8 billion representing 19.8 per cent of the total Value Added Tax (VAT) of N600.15 billion that was collected in the three months period despite the harsh operating environment in the country and rising cost of operation
Data from the National bureau of Statistics show that VAT grew slightly by 1.96 per cent quarter-on-quarter from N588.59 billion recorded in the first quarter of 2022. Total local non import VAT stood at N359.12 billion compared to N344.04 billion recorded in the first three months of the year.
Of this figure, manufacturing companies contributed 33.1 per cent with the N118.8 billion that was realised. Also, Information and Communication companies jointly put in N68.17 billion accounting for 18.98 per cent and 11.35 per cent of the local non import VAT and total VAT collected respectively.
The VAT realised from the manufacturing sector shows a 5.1 increase over N112.97 billion that was realised in the first three months of the year, bringing total manufacturing VAT in the first half to N231.77 billion.
The N68.17 billion VAT realised from the Information and Communication sector in the second quarter of the year was a 15.8 per cent improvement over N58.84 billion that was realised from the sector in the first quarter of the year. In total, the sector’s contribution to VAT in the first half of the year stood at N127.02 billion.
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Financial and Insurance activities however did not yield as much VAT in the second quarter as there as a decline of 23 per cent compared to what was realised in the first quarter of the year. NBS data showed that N22.34 billion in VAT had been realised form the sector as against N29.27 billion that was realised in the first three months of the year.
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