Transport service VAT rises by 205 % in Q2 2019

Value added Tax (VAT) generated from Nigeria’s transport and Haulage service sector soared by 205 percent in Q2 2019m, according to figures released monday by the National bureau of Statistics (NBS).

According to the report, the sector’s VAT rose to N7.43 billion from N2.43 billion recorded in the previous quarter. The sum of N311.94billion was generated as total VAT in second quarter 2019 as against N289.04billion generated in Q1 2019 and N269.79bn generated in Q2 2018 representing 7.92 percent increase QoQ and 16.95percent increase YoY. Other manufacturing generated the highest amount of VAT with N34.43bn generated and closely followed by Professional Services generating N29.58bn, Commercial and Trading generating N16.27bn while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment Industry with N50.60million, N250.09mln and N316.91mln generated respectively. According to the report, out of the total amounted generated in Q2 2019, N151.56bn was generated as Non-Import VAT locally while N94.90bn was generated as Non-Import VAT for foreign. The balance of N65.48bn was generated as NCS-Import VAT.

 

Source: Business day

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