Home National FIRS generates N781 billion from Value Added Tax

FIRS generates N781 billion from Value Added Tax

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The Federal Inland Revenue Service (FIRS) has generated N781.35 billion from Value Added Tax (VAT).

This is according to the second quarter report from the National Bureau of Statistics (NBS).

According to the report, the Value Added Tax (VAT) generated a whopping N781.35 billion for Q2 2023, showing a growth rate of 10.11 per cent on a quarter-on-quarter basis from N709.59 billion in Q1 2023.

The statement also added that local payments recorded N512.03 billion, while foreign VAT payments were N142.63 billion.

Similarly, import VAT contributed N126.69 billion in Q2 2023.

“On a quarter-on-quarter basis, the activities of extraterritorial organisations and bodies recorded the highest growth rate with 212.06 per cent, followed by real estate activities with 123.09 per cent.

“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 per cent, followed by agriculture, forestry, and fishing with –32.86 per cent.

“In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 29.64 per cent; information and communication with 21.19 per cent; and financial and insurance activities with 11.18 per cent,” NBS noted.

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