Report from the National Bureau of Statistics has revealed that an aggregate sum of N651.77bn was generated as Value Added Tax (VAT) in H1 2020 as against N600.98bn generated as VAT in H1 2019. This represents 8.45% 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 while Mining generated the least and 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 total amounted generated in H1 2020, 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.