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N338.94bn VAT generated in Q1– NBS

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The National Bureau of Statistics (NBS) said on Monday N338.94 billion was generated as Value Added Tax (VAT) in the first quarter of this year.

The NBS disclosed this in its latest sectoral distribution of VAT data for Q1 2020.

According to the Bureau, the figure was more than the N308.48billion generated in Q4 2019 and N293.04billion in Q1 2019, representing 9.87 per cent increase in Quarter-on-Quarter and 15.66 per cent increase in Year-on-Year performance.

It said: “Professional services generated the highest amount of N38.30 billion and closely followed by other manufacturing, which generated N37.37 billion.

“Commercial and trading generated N17.19 billion while mining had the least and closely followed by Textile and Garment industry and Local Government Councils with N61.83 million, 306.05 million and 319.04 million respectively.”

READ ALSO: LCCI champions one-year tax break for manufacturers, healthcare firms

The NBS said out of the total amount generated in Q1, 2020, N172.67 billion was generated as non-import VAT locally while N93.67 billion was realised as non-import VAT for foreign.

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