Business

Q1 2021 VAT Generation Stands At N496.39bn

Value Added Tax (VAT) generated for the 1st quarter of 2021 rose to a total of N496.39bn.

This was made known in the “Sectoral Distribution of Value Added Tax Data for Q1 2021” released on Saturday by the National Bureau of Statistics (NBS).

The N496.39 billion indicates an increase of 52.93% year-on-year compared to N324.58 billion recorded in the corresponding period of 2020 and 9.17 percent increase Quarter-on-Quarter compared to the N454.69 billion generated in the fourth quarter (Q4) 2020.

GDP

According to the Bureau, the manufacturing sector generated the highest amount of VAT with N49.41 billion, closely followed by professional services generating N42.50 billion.

It said ministries and parastatals generated N26.96 billion while mining generated the least and closely followed by textile and garment industry with N48.36 million, N77.01 million and N289.41 million generated respectively.

Also, N224.85 billion was generated as Non-Import VAT locally while N171.66 billion was generated as Non-Import VAT for foreign, while the balance of N99.88 billion was generated as Nigeria Customs Service (NCS) -Import VAT.

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