FIRS generates N269.79bn on VAT in Q1- NBS

The National Bureau of Statistics (NBS) on Monday said Nigeria’s sectoral distribution of Value Added Tax (VAT) reflected that the sum of N269.79 billion was generated as VAT in Q1 2018 as against N254.10nbillion generated in fourth quarter of 2017.

The report by NBS said, a total of N221.38 billion was generated in first quarter of 2017 representing 6.17 per cent increase quarter-on-quarter and 21.87 per cent increase Year-on-Year.

According to NBS report, “other manufacturing generated the highest amount of VAT with N30.14billion generated and closely followed by Professional Services and Commercial and Trading both generating N16.58 billion and N14.93 billion respectively while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment industry with N46.25 million, N243.44 million and N285.43 million generated respectively.

“Out of the total amounted generated in Q1 2018, N121.40billion was generated as Non-Import VAT locally while N98.40billionn was generated as Non-Import VAT for foreign. The balance of N50.00billionn was generated as NCS-Import VAT.”