FG Generated N600.15bn from VAT in Q2 – THISDAYLIVE

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James Emejo in Abuja

The federal government generated the sum of N600.15 billion from Value Added Tax (VAT) in the second quarter of the year (Q2 2022), the National Bureau of Statistics (NBS) disclosed yesterday.

The figure represented a growth rate of 1.96 per cent when compared to the N588.59 billion recorded in the preceding quarter.

According to the Value Added Tax (VAT) Q2 2022 report, which was obtained from the statistical agency’s website, local payments accounted for N359.12 billion of total collections, while foreign VAT payments contributed N111.13 billion in the review period.

Quarter-on-quarter, electricity, gas, steam, and air conditioning supply recorded the highest growth rate with 116.47 per cent, followed by accommodation and food service activities with 42.44 per cent.

According to the apex statistical agency, activities of extraterritorial organisations and bodies had the lowest growth rate with –42.39 per cent while…



Source: Thisday Newspaper