Nigeria’s Value Added Tax for the Second Quarter of 2023 increased marginally by 10.11 percent to N781.35 billion from N709.59 billion in the First Quarter.
This information was provided by the National Bureau of Statistics in its most recent Value Added Tax Q2 2023 report.
Local payments were N512.03 billion, foreign VAT payments were N142.63 billion, and import VAT contributed N126.69 billion in Q2 2023.
On a quarter-to-quarter basis, real estate operations saw the largest growth rate at 123.09%, followed by the activities of extraterritorial organisations and bodies at 212.06%. Contrarily, home employment activities and undifferentiated self-use production of products and services had the lowest growth rate at -57.06%, followed by forestry, agriculture, and fishing at -32.86%.
In terms of sectoral contributions, manufacturing had the top three largest shares in Q2 2023 with 29.64 percent, information and communication had 21.19 percent, and financial and insurance activities had 11.18 percent.
