VAT generated N204.8bn in 1st quarter — NBS

By Yinka Kolawole

Value Added Tax (VAT) generated the sum of N204.77 billion into the coffers of government in the first quarter of 2017, according to a report released by National Bureau of Statistics (NBS), yesterday.  

According to NBS, the sectoral distribution of Value Added Tax (VAT)  data for Q1 2017 reflected that the sum of N204.77 billion generated as VAT in Q1 2017 represented a drop of 1.25 percent Quarter-on-Quarter compared to N207.35 billion generated in Q4 2016 and 9.84 percent increase Year-on-Year when compared to N186.43billion that was generated in the 1st quarter of 2016.

The report stated that the highest amount of VAT was generated by Other Manufacturing sector followed by Professional Services and Commercial and Trading. Mining, Local Government Councils and Textile and Garment industry generated the least amount of VAT within the period.

Other manufacturing relate to industries excluding Automobiles and Assemblies; Breweries, Bottling and Beverages; and Chemical, Paints and Allied industries.

“Other manufacturing generated the highest amount of VAT with N28.73 billion generated and closely followed by Professional Services and Commercial & Trading both generating N20.82 billion and N12.89 billion respectively, while Mining generated the least and closely followed by Local Government Councils and Textile and Garment industry with N35.07 million,   N99.84 million and N230.89   million generated, respectively.

“Out of the total amounted generated in Q1 2017, N126.64 billion was generated as Non-Import VAT locally while N31.72 billion was generated as Non-Import VAT for foreign. The balance of N46.41 billion was generated as NCS-Import VAT,” the report stated.

According to the NBS report, Banks and Financial Institutions generated N7.17 billion; Breweries, Bottling and Beverages generated N9.19 billion; Building and Construction generated N2.75 billion; State Ministries and Parastatals generated N11.21 billion; while Federal Ministries and Parastatals generated N5.71 billion in the period.

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