VAT increases by N30bn  Q4 2020

The NBS said this in its “Sectoral Distribution of Value Added Tax (Q4 2020)” obtained from its website on Wednesday in Abuja.
The bureau said that the figure represents 7.06 per cent increase Quarter-on-Quarter and 47.39 per cent increase Year-on-Year from the N308.48 billion generated in Q4 2019.
The report said that professional services generated the highest amount of VAT with N42.38 billion generated and closely followed by other manufacturing generating N39.45 billion, while commercial and trading generated N21.15 billion.
“Mining generated the least with N58.88 million and closely followed by pioneering and textile which generated N185.72 million, while the garment industry generated N353.75 million.
“Out of the total amount generated in Q4 2020, N212.52 billion was generated as Non-Import VAT locally while N143.35 billion was generated as Non-Import VAT for foreign.
“The balance of N98.81 billion was generated as Nigeria Customs Service-Import VAT”, it added.
Meanwhile, for Company Income Tax (CIT) by Sectors for the period under review, the NBS stated that N295.72 billion was generated as against N416.01 billion generated in third quarter.
It added that the figure represents -28.91 per cent decrease Quarter-on-Quarter and -18.31 per cent decrease Year-on-Year from the N362.01 billion generated in Q4 2019.
According to it, professional services, including telecoms, generated the highest amount of CIT with N32.17 billion generated.
“This was closely followed by other manufacturing generating N25.64 billion, commercial and trading generating N19.41 billion.
“Textile and garment industry generated the least with N104.37 million, closely followed by mining with N136.99 million and Local Government Councils with N298.73 million generated.”
The report said that out of the total amount generated in Q4 2020, N162 billion was generated as CIT locally while N63.52 billion was generated as foreign CIT payment.
It added that the balance of N70.20 billion was generated as CIT from other payments.
The News Agency of Nigeria (NAN) reports that data was provided by the Federal Inland Revenue Service (FIRS) and verified and validated by the NBS.