By our reporter
The National Bureau of Statistics (NBS) yesterday, said the country generated N338.94 billion as Value Added Tax (VAT) in the first quarter of the year (Q1’20).
This represents a 15.66 percent year-on-year (YoY) rise when compared to N293.04 billion generated in the corresponding period of last year. It also shows a 9.9 percent increase quarter-on-quarter, against N308.48 billion generated in the fourth quarter of 2019.
The NBS disclosed this in its Sectoral Distribution of VAT Report for Q1’20. The report showed that professional services generated the highest amount of VAT overtaking “Other Manufacturing” sector which has been in the top position of VAT generation over the years.
According to the Bureau, Professional Services generated the highest amount of VAT with N38.30 billion generated and closely followed by Other Manufacturing generating N37.37 billion. Commercial and Trading generated N17.19 billion while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N61.83 million, N306.05 million and N319.04 million generated respectively.
The report noted: “Out of the total amounted generated in Q1’20, N172.67 billion was generated as Non-Import VAT locally while N93.67 billion was generated as Non-Import VAT for foreign. The balance of N72.59 billion was generated as Nigeria Custom Service
