FIRS VAT collection surges by 52.93% to N496.4bn Q1, 2021

Nigeria’s Value Added Tax (VAT) collection surged by 52.93 per cent year-on-year to stand at N496.4 billion at the end of first quarter of 2021.

This is contained in the sectoral distribution of value added tax report, recently released by the National Bureau of Statistics (NBS).

The report disclosed that Federal Inland Revenue Service (FIRS) generated N496.39 billion revenue from Value Added Tax (VAT) in the first quarter of 2021, a surge of 52.93 per cent year-on-year compared to N324.58 billion recorded in the corresponding period of 2020.

The report further showed that the manufacturing sector generated the highest amount of VAT with N49.41 billion, closely followed by Professional Services, having generated N42.50 billion, and State Ministries & Parastatals, which generated N26.96 billion.

Mining Sector generated the least, closely followed by Pioneering, Textile & Garment Industry with N48.36 million, N77.01 million, and N289.41 million generated respectively.

Also, out of the total amount generated in the period 2021, N224.85 billion was generated as Non-Import VAT locally while N171.66 billion was generated as Non-Import VAT for foreign, while the balance of N99.88 billion was generated as NCS-Import VAT.