FG earns N311.94bn VAT between April and June

The Federal Government earned  N311.94bn VAT  between April and June, according to the National Bureau of Statistics (NBS).

The figure trumped the record of the first quarter of the year, January to March, which was  N289.04bn.

NBS revealed that N269.79bn was generated in Q2 2018 representing 7.92 per cent increase Quarter-on-Quarter and 16.95 per cent increase Year-on-Year.

The manufacturing sector generated the highest amount of returns with N34.43bn. It was followed by professional services that generated N29.58bn; and commercial and trading, N16.27bn.

Textile and garment generated a total of N316.91m; Pharmaceutical generated N250.09m while mining generated the least amount, N50.6m.

Out of the total VAT value in Q2 2019, N151.56bn was generated as non-import VAT locally, while N94.90bn was generated as non-Import VAT for foreign.

The balance of N65.48bn was generated as NCS-import Value Added Tax.

Recall that the Federal Inland Revenue Service (FIRS) recently ordered companies to remit value-added tax and withholding tax by the 21st day of every month.

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