FIRS generates N660.15bn from VAT in Q2

The National Bureau of Statistics (NBS) on Monday disclosed that the Federal Inland Revenue Service (FIRS) generated an aggregate N600.15 billion from Value Added Tax (VAT) for second  (Q2) 2022,  showing a growth rate of 1.96per cent on a quarter-on-quarter basis from N588.59 billion in first quarter  (Q1) 2022.

The NBS report noted that local payments recorded were N359.12 billion, while Foreign VAT payment contributed N111.13 billion in Q2 2022.

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

“On the other hand, activities of extraterritorial organizations and bodies had the lowest growth rate with –42.39 per cent, followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with –36.57 per cent.

“In terms of sectoral contributions, the top three largest shares in Q2 2022 were manufacturing with 33.08 per cent; Information and communication with 18.98 per cent; and mining & quarrying with 10.60 per cent.

“Conversely, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03 per cent, followed by Activities of extraterritorial organizations and bodies with 0.05 per cent; and water supply, sewerage, waste management and remediation activities with 0.13 per cent.

“However, on a year-on-year basis, VAT collections in Q2 2022 increased by 17.16 per cent from Q2 2021,” the report added.