The National Bureau of Statistics on Wednesday released the sectoral report for Value Added Tax for the Q1 2018 fiscal period, stating that the country generated a total of N269.79Billion from the VAT.

An analysis of the VAT report showed that the amount was collected from 28 sectoral activities during the period under review.

Read also: VALUE ADDED TAX RISES TO N254BN IN Q4, 2017 – NBS

A breakdown of the amount showed that the sum of N269.79bn was generated as VAT in Q1 2018 as against N254.10bn generated in Q4 2017 and N221.38bn in Q1 2017 representing 6.17% Increase Quarter-on-Quarter and 21.87% increase Year-on-Year.

In the report signed by the Statistician General of the Federation and Chief Executive, NBS, Dr. Yemi Kale, the bureau said the other manufacturing generated the highest amount of VAT with N30.14bn generated and closely followed by Professional Services and Commercial and Trading both generating N16.58bn and N14.93bn respectively while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment industry with N46.25 mln, N243.44 mln, and N285.43 mln generated respectively.

Out of the total amount generated in Q1 2018, N121.40bn was generated as Non-Import VAT locally while N98.40bn was generated as Non-Import VAT for foreign. The balance of N50.00bn was generated as NCS-Import VAT.


SOURCE: https://brandspurng.com/nigeria-earned-n269-79billion-from-vat-in-q1-2018-nbs/

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