The National Bureau of Statistics (NBS) on Thursday announced that the total Value Added Tax (VAT) that was generated in the first quarter (Q1) of 2020 was N338.94 billion.
According to the executive summary of the report posted on its website, NBS said the Sectorial distribution of VAT data for Q1 2020 indicated that N338.94 billion was generated in Q1 2020 as against N308.48 billion generated in Q4 2019 and N293.04billion generated in Q1 2019.”
The report noted that the VAT generation showed an increase of 9.87 per cent in Quarter-on-Quarter and 15.66 per cent increase Year-on-Year.
The report showed that professional services generated the highest amount of VAT overtaking “Other Manufacturing” sector which has been in the top position of VAT generation over the years.
According to the Bureau, Professional Services generated the highest amount of VAT with N38.30 billion generated and closely followed by Other Manufacturing generating N37.37 billion. Commercial and Trading generated N17.19 billion while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N61.83 million, N306.05 million and N319.04 million generated respectively.
NBS said out of the total amount generated in Q1 2020, N172.67billion was generated as Non Import VAT locally, while N93.67billion was generated as Non-Import VAT for foreign.
The National Bureau of Statistics (NBS) yesterday, said the country generated N338.94 billion as Value Added Tax (VAT) in the first quarter of the year (Q1’20).
This represents a 15.66 percent year-on-year (YoY) rise when compared to N293.04 billion generated in the corresponding period of last year. It also shows a 9.9 percent increase quarter-on-quarter, against N308.48 billion generated in the fourth quarter of 2019.
The NBS disclosed this in its Sectoral Distribution of VAT Report for Q1’20.
The balance of N72.59billion, according to the report, was generated as Nigeria Customs Service-Import VAT.
Source: The Nation