July 29, 2020/Cowry Asset

In the just concluded week, data released by the National Bureau of Statistics (NBS) showed that total Value Added Tax (VAT) collected in H1 2020 rose year-on-year (y-o-y) by 8.45% to N651.77 billion, from N600.98 billion in H1 2019, as implementation of the 50% increase in VAT rate to 7.5% kicked-off in February 2020.

Of the N651.77 billion generated in H1 2020, N335.82 billion (51.52%) was collected as Non-Import VAT locally, N161.74 billion (24.82%) was generated as Non-Import (foreign) VAT, while Nigerian Custom Service (NCS) Import VAT received was N154.21 billion (23.66%)..

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