Jun 22, 2021

Mawazo Writing Africa

Writing about the main

VAT increases by N41.7bn in Q1 2020- NBS

Value-added tax (VAT) rose by N 41.7 billion to N 496.39 billion in the first quarter of 2021, compared to N 454.69 billion in the fourth quarter of 2020 and N 324.58 billion in the first quarter of 2020 .

The National Bureau of Statistics (NBS) published the figures in Abuja on Saturday in its sectoral distribution of VAT for the first quarter of 2021.

According to the office, the increase corresponds an increase of 9.17 percent in the quarter – quarterly and 52.93 percent more than in the previous year.

Of the total amount generated in the first quarter of 2021, N 224.85 billion was paid locally as non-imported VAT generated, while N171 0.66 billion was generated as non-imported VAT for foreign companies.

The remaining amount of N 99.88 billion was generated as import tax for the Nigerian Customs Service.

The NBS said this manufacturing sector generated the highest amount of sales tax at N 49.41 billion, tightly ge followed by professional services, which generated N 42.50 billion.

“Ministries of state and parastatal companies generated Ni 26.96 billion while mining generated the least with N 48.36 million.

According to NBS, mining is followed by pioneering and textile products with N 77.01 million and the clothing industry with N 289.41 million. “

The office stated that the data provided by the Federal Inland Revenue Service and verified and validated by NBS.