How Nigeria generated N339bn VAT in 2020 Q1

How Nigeria generated N339bn VAT in 2020 Q1

The National Bureau of Statistics (NBS) says N338.94billion was generated as Value Added Tax (VAT) in the first quarter (Q1) of 2020.

This was revealed on Monday by the NBS in its sectoral distribution of VAT data.

NBS disclosed that the amount recorded in Q1 was more than the N308.48billion generated in Q4, 2019 and N293.04billion in Q1 2019,

It explained that the professional services generated the highest amount of N38.30billion and followed by manufacturing, which generated N37.37billion.

Commercial and trading generated N17.19 billion, while mining had the least.

They were closely followed by the Textile and Garment industry and Local Government Councils with N61.83 million, 306.05 million and 319.04 million respectively.

Out of the total amount generated in Q1, 2020, N172.67 billion was generated as non-import VAT locally.

N93.67 billion was realised as non-import VAT for foreign.

The balance of N72.59 billion was generated in Nigeria Customs Service-import VAT.

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