Banks and Financial Institutions Pay N7.712 Billion VAT in Q2 2021

The National Bureau of Statistics (NBS) report released on Tuesday revealed that the banks and financial institutions in Nigeria paid a combined N7.712 billion in Value Added Tax (VAT) in the second quarter (Q2) 2021.

This represents a 134.94 percent increase when compared to the N3.283 billion recorded in the first quarter (Q1) 2021 and 50.87 percent growth when compared to N5.112 billion achieved in Q2 2020.

Nigeria realised a total sum of N512.25 billion as VAT in the second quarter with the manufacturing sector contributing the most at N44.89 billion.

Out of the N512.25 billion realised in the quarter under review, N187.43 billion was generated as Non-import VAT locally. The Non-Import VAT for foreign constitutes N207.69 billion while the remaining balance of N117.13 billion was realised as NCS-Import VAT.