Nigeria’s Value Added Tax for the Second Quarter of 2023 grew marginally by 10.11 percent to N781.35 billion from N709.59 billion recorded in Q1.
The National Bureau of Statistics disclosed this in its recent Value Added Tax Q2 2023 report
Local payments recorded were N512.03 billion, Foreign VAT Payments were N142.63 billion, while import VAT contributed N126.69 billion in Q2 2023.
Meanwhile, on a quarter-on-quarter basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate at 212.06%, followed by real estate activities at 123.09%. On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –57.06%, followed by agriculture, forestry, and fishing with –32.86%.
Regarding sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 29.64 percent, information and communication with 21.19 percent, and financial and insurance activities with 11.18 percent.
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