N338.94b first quarter produced as VAT - NBS

The study noted an increase of 9.87 per cent in Quarter-on - Quarter VAT generation and 15.66 per cent in Year-on-Year growth.
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Dr Yemi Kale, National Bureau of Statistics (NBS)

The National Bureau of Statistics (NBS) announced N338.94 billion of the total value-added tax produced in the first quarter ( Q1) of 2020.

According to the executive summary of the report published by the office on its website 'Sectorial Value Added Tax (VAT) data for Q1 2020, the sum of N338,94 billion was generated as VAT in Q1 2020 compared to N308,48 billion generated in Q4 2019 and N293,04 billion generated in Q1 2019.'

The study noted an increase of 9.87 per cent in Quarter-on - Quarter VAT generation and 15.66 per cent in Year-on-Year growth.

It explained that professional services generated the highest amount of VAT with N38.30 billion generated and followed closely by other N37.37 billion manufacturing.

The study said commercial and trade generated N17.19 billion while mining produced N61.38 million, N306.05 million, and N319.04 million produced the least and closely followed by textile and clothing industry and local government councils respectively.

NBS said N172.67 billion of the total amount generated in Q1 2020 was generated locally as Non-Import VAT while N93.67 billion was generated as Non-Import VAT for foreign countries.

According to the report, the balance of N72,59 billion was generated as Nigeria Customs Service-Import VAT.

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