FG Generates N338.9b From VAT In Q1 2020

 FG Generates N338.9b From VAT In Q1 2020

Sectoral distribution of Value Added Tax (VAT) data for Q1 2020 reflected that the sum of N338.94bn was generated as VAT in Q1 2020, the data that was released by the National Bureau of Statistics (NBS) yesterday has shown.

The Q1 VAT revenue record is higher than theN308.48bn generated in Q4 2019 and N293.04 billion generated in Q1 2019 representing 9.87 per cent increase Quarter-on-Quarter and 15.66 per cent increase Year-on-Year.

According to the data, professional services generated the highest amount of VAT with N38.30bn 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 N61.83m, N306.05m and N319.04m generated respectively.

Out of the total amounted generated in Q1 2020, N172.67 billion was generated as Non-Import VAT locally while N93.67 billion was generated as Non-Import VAT for foreign. The balance of N72.59 billion was generated as NCS-Import VAT.

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Michael Oche

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