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VAT Increased By N41.7bn From Q1 2020- NBS

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The NBS has reported an increase in VAT in the first quarter of 2021 against the former VAT of 2020 Q1.

In Quarter One of 2021, Value Added Tax (VAT) rose by N41.7 billion to N496.39 billion, compared to N454.69 billion in Quarter Four of 2020 and N324.58 billion in Quarter One of 2020.

The figures were released by the National Bureau of Statistics (NBS) in Abuja on Saturday in its Sectoral Distribution of VAT for Q1 2021.

The rise reflects a 9.17 percent increase quarter-over-quarter and a 52.93 percent increase year-over-year, according to the bureau.

According to the study, N224.85 billion was generated as non-import VAT locally in Q1 2021, while N171.66 billion was generated as non-import VAT for foreigners.

The remaining N99.88 billion was provided by the Nigeria Customs Service’s import VAT.

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Manufacturing, according to the NBS, provided the most VAT – N49.41 billion – led by professional services, which generated N42.50 billion.

“State ministries and parastatals generated N26.96 billion, while mining generated the least with N48.36 million.”

Mining is led by pioneering and clothing with N77.01 million, and the fashion industry with N289.41 million, according to NBS.”

The data was provided by the Federal Inland Revenue Service and checked and tested by NBS, according to the bureau.

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