The Value Added Tax (VAT) for Q2 2023 was recorded at ₦781.35 billion, representing a 10.11% quarter-on-quarter increase from ₦709.59 billion in Q1 2023, this is according to the data obtained from the National Bureau of Statistics
In Q2 2023, local payments totaled ₦512.03 billion, foreign VAT payments totaled ₦142.63 billion, and import VAT contributed ₦126.69 billion.
From the datat obtained by BizWatch Nigeria, extraterritorial organizations and bodies experienced the largest quarter-on-quarter growth rate of 212.06%, followed by real estate activities at 123.09%.
Household activities as employers, undifferentiated goods- and services-producing activities of households for personal use, on the other hand, had the lowest growth rate of -57.06%, followed by agriculture, forestry, and fisheries with -32.86%.
In terms of sectoral contributions the data also showed that manufacturing had 29.64%, information and communication had 21.19%, and financial and insurance industries had 11.18% in Q2 2023.
