Nigeria Earned N289.04bn From VAT Q1 2019, Says NBS
Sectoral distribution of Value Added Tax data for the first quarter of 2019 reflected that the sum of N289.04bn was generated as VAT in Q1 2019 as against N298.01bn generated in Q4 2018 and N269.79bn generated in Q1 2018 representing 3.01 per cent decrease quarter-on-quarter and 7.13 per cent increase year-on-year.
The National Bureau of statistics disclosed this in its report on ‘Sectoral distribution Of Value Added Tax (Q1 2019)’, on Monday.
Other manufacturing generated the highest amount of VAT totalling N31.42bn and closely followed by professional services that generated N24.31bn, commercial and trading generated N14.92bn while mining generated the least. It was closely followed by pharmaceutical, soaps & toiletries and textile and garment industry with N59.88m, N201.58m and N298.14m generated respectively.
Out of the total amounted generated in Q1 2019, N137.06bn was generated as non-import VAT locally, while N98.97bn was generated as non-import VAT for foreign.
The balance of N5.01bn was generated as NCS-import VAT.