Business

FG Generates N651.77bn From VAT In 6 Months

The Federal Government generated a total of N651.77 billion as Value Added Tax (VAT) for the first half of 2020 (January-June).

The National Bureau of Statistics (NBS) revealed this in its latest report on Monday.

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 N95.92 billion generated and closely followed by other manufacturing generating N67.63 billion, commercial and trading generating N31.10 billion while mining generated the least and closely followed by textile and garment industry and pharmaceutical, soaps and toiletries with N127.58 million, N499.19 million and N648.78 million respectively.

“Out of the total amount generated in H1’20, N335.82 billion was generated as Non-Import VAT locally while N161.74 billion was generated as Non-Import VAT for foreign. The balance of N154.21 billion was generated as NCS-Import VAT.”

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