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H1: Financial institutions generate N51.61bn from VAT

Banks, insurance companies and other financial institutions in the country contributed N51.61billion to the total  sum of N1.19trillion generated as Value Added Tax (VAT) by the Federal Government in the first six months of this year, findings by New Telegraph show.

 

According to the “Sectorial Distribution of Value Added Tax (Q2’22)” report released by the National Bureau of Statistics (NBS) over the weekend, financial and insurance activities generated a total sum of N22.34billion for the Federal Government as VAT in Q2’22, indicating a decline of 23.67 per cent compared with the N29.27billion that the sector generated in the previous quarter.

However, a total of N600.15 billion was raked in from all the sectors in Q2’22. The sum represents 17.16 per cent growth on a year-on-year. NBS said VAT collection in the quarter under review grew by 1.96 per cent when compared to the N588.59 bil  lion in Q1’22.

 

On quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate with 116.47 per cent, followed by accommodation and food service activities with 42.44 per cent. Local payments recorded were N359.12 billion, while foreign VAT payment contributed N111.13 billion.

On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with –42.39 per cent, followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with –36.57 per cent.

In terms of sectoral contributions, the top three largest shares in Q2’22 were manufacturing with 33.08 per cent; Information and communication with 18.98 per cent; and mining and quarrying with 10.60 per cent.

Conversely, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03 per cent, followed by activities of extraterritorial organizations and bodies with 0.05 per cent; and Water supply, sewerage, waste management and remediation activities with 0.13 per cent.

However, on a year-on-year basis, VAT collections in Q2’22 increased by 17.16 per cent from Q2’21.

 

Earlier data released by the NBS, however, showed that the N51.61billion contributed by financial and insurance activities to the total VAT generated by the government in H1’22 was 369.65 per cent (N40.62billion) more than the N10.99billion contributed by the sector in the corresponding period of last year.

 

Specifically, the NBS’ data indicates that compared to the N29.27billion it generated as VAT in Q1’22, the financial and insurance activities sector only contributed N3.28billion in the corresponding quarter of last year.

 

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