The National Bureau of Statistics (NBS) has disclosed in its report on sectoral distribution of Value Added Tax (VAT) that the sum of N338.94bn was generated as VAT in first quarter 2020. According to the report, N293.04bn was generated in Q1 2019 representing, 9.87% increase Quarter-on-Quarter and 15.66% increase Year-on-Year.
The report shows that professional Services generated the highest amount of VAT with N38.30bn generated and closely followed by Other Manufacturing generating N37.37bn, Commercial and Trading generating N17.19bn 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, N172.67bn was generated as Non-Import VAT locally while N93.67bn was generated as Non-Import VAT for foreign. The balance of N72.59bn was generated as NCS-Import VAT, the report discloses.