VAT collection hits N1.56tr in Q2 2024

Value Added Tax (VAT) revenue increased by 9.11% in the second quarter of 2024 to reach N1.56 trillion, according to the National Bureau of Statistics (NBS) on Monday.

Its Value Added Tax (VAT) Q2 2024 report mentioned this.

According to the statement, N1.43 trillion was collected in the first quarter of 2024, and this figure increased on a quarterly basis.

According to the study, the Value Added Tax (VAT) for the second quarter of 2024 was recorded at N1.56 trillion, indicating a growth rate of 9.11% on a quarterly basis from N1.43 trillion in the first quarter of 2024.
According to NBS, import VAT contributed N372.95 billion in Q2 2024, while local payments were recorded at N792.58 billion, foreign VAT payments were N395.74 billion.

On a quarterly basis, the Bureau stated, Human health and social work activities recorded the highest growth rate with 98.44%, followed by agriculture, forestry and fishing with 70.26%, and Water supply, sewerage, waste management and remediation activities with 59.75%.
Conversely, NBS said that the lowest growth rate was recorded by household employment activities, which included undifferentiated products and services production for personal consumption, followed by real estate activities at –42.59%. Manufacturing (11.78%), information and communication (9.02%), and mining and quarrying (8.79%) accounted for the top three sectoral contributions in Q2 2024.

The report also stated that although household activities as employers and undifferentiated household-produced goods and services for personal use recorded the lowest share (0.00%), extraterritorial organisation and body activities (0.01%), and water supply, sewerage, waste management, remediation, and real estate services (0.04%) each, recorded the highest share.

Nonetheless, NBS reported that VAT revenues in Q2 2024 climbed by 99.82% from Q2 2023 year over year.