Data provided by the National Bureau of Statistics (NBS) shows that the country generated N338.94 billion as value-added tax in the first quarter of 2020.
This is an increase from the N308.48 billion generated in Q4 2019 and N293.04 billion generated in Q1 2019 representing 9.87% increase quarter-on-quarter and 15.66% increase year-on-year.
According to the report, professional services generated the highest amount of VAT with N38.30 billion and was 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.
Out of the total amount generated in Q1 2020, 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 NCS-import VAT.
Revenue generated from VAT is usually disbursed to the three tiers of government through the federation accounts allocation committee (FAAC).
The implementation of the new 7.5% VAT began on February 1.
The finance act amended some of Nigeria’s tax laws and increase non-oil revenue mobilisation. (The Cable)
