Post Views: 225 The National Bureau of Statistics (NBS) says the Nigeria earned a total of N246.303bn from Value Added Tax (VAT) in the second quarter...
The National Bureau of Statistics (NBS) says the Nigeria earned a total of N246.303bn from Value Added Tax (VAT) in the second quarter of 2017, an amount it said represented a N59.275bn or 31.69% rise over the N187.028bn reported in the corresponding period of last year.
The figure, according to the report titled: “A sectoral distribution of Value Added Tax (Q2 2017) also represented an increase of 20.28% over the N204.77bn in the first quarter of this year.
A sectoral distribution of amount showed that non-import VAT (local), at N137.786bn, was the most significant contributor, representing 56% of the total, just as it represented 0.09% over the N126.642bn reported in the preceding quarter and the N126.061bn of the corresponding period of 2016.
VAT paid on non-import (foreign) grew the most within the period, rising to N59.831bn, an increase of N34.4bn or 135.26% from N25.431bn, just as it was better than the N31.719bn of the preceding quarter by N28.112bn or 46.98%.
VAT on import duty collected by the Nigeria Customs Service (NCS) stood at N48.684bn, up from N46.408bn in the first quarter; and N35.534bn in the corresponding second quarter of last year.
Collection on services rendered by banks and financial institutions fell to N5.672bn from N6.229bn in the 2016Q2, or the N7.174bn reported in March.
Professional services yielded N21.637bn VAT, representing an equally marginal rise from N20.64bn in the second quarter of 2016 and N20.817bn reported in the first quarter; followed by N14.939bn from oil producing activities, which increased by N5.295bn or 54.9% from N9.644bn year-on-year; and N5.013bn or 50.5% from N9.925bn within the first three months of this year.
Commercial trading contributed N12.484bn to the VAT pool, a drop from N13.15bn in the 2016Q2 and N12.898bn in March; ahead of the N8.741bn by state ministries and parastatals, up from N8.686bn in the 2016Q2; just as it was lower than the N11.211bn recorded in the preceding second quarter.
Contributions from Federal Ministries and Parastatals were lower, adding N7.354bn to total VAT revenue, a significant 31.45% decline from N10.726bn recorded Year-on-Year. The 2017Q2 figure was however N5.011bn or 87.68% higher than the N5.714bn reported in the first quarter of this year.