VAT increases by N41.7bn in Q1 2020- NBS

Value Added Tax (VAT) increased by 41.7 billion to 496.39 billion in Quarter   of 2021 as against 454.69 billion generated in Quarter Four of and 324.58 billion generated in Q1 of .

The National Bureau of Statistics (NBS) published the figures  in on Saturday in its Sectoral Distribution of VAT for Q1 2021.

According to the bureau, the increase represents 9.17 per cent increase quarter-on-quarter and 52.93 per cent increase year-on-year.

It said that of the total amount generated in Q1 of 2021, N224.85 billion was generated as non-import VAT locally, while N171.66 billion was generated as non-import VAT for foreign.

It added that the balance of N99.88 billion was generated as Nigeria Customs Service-import VAT.

The NBS said that generated the highest amount of VAT  – N49.41 billion –   closely followed by professional services which generated N42.50 billion.

“State ministries and parastatals generated N26.96 billion, while mining generated the least with N48.36 million.

According to NBS, mining is closely followed by pioneering and textile with N77.01 million, and garment with N289.41 million.”

The bureau said that the data was provided Federal Inland Revenue Service and verified and validated by NBS. (NAN)