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HomeBusinessNigeria generated N454.7 bln VAT in Q4 2020~NBS

Nigeria generated N454.7 bln VAT in Q4 2020~NBS

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By Samuel Bankole

 

Nigeria collected a total of N454.69 billion Value Added Tax in the fourth quarter of 2020, up by 7.06 percent over the N424.71 billion collected in the previous month.

“Sectoral distribution of Value Added Tax (VAT) data for Q4 2020 reflected that the sum of N454.69 billion was generated as VAT in Q4 2020 as against N424.71billion generated in Q3 2020 and N308.48 billion generated in Q4 2019 representing 7.06 percent increase Quarter-on-Quarter and 47.39 percent increase Year-on-Year,” the National Bureau of Statistics (NBS) said in its latest report.

Breakdown of the amount generated through VAT in the last quarter of the year showed that N212.52 billion was generated as Non-Import VAT locally while N143.35bn was generated as Non-Import VAT for foreign. 

READ ALSO: African EximBank to set aside $2 bln to finance Covid-19 vaccines

The balance of N98.81billion was generated as Nigeria Customs Service-Import VAT, according to the report.

The report showed that the Federal Inland Revenue Service (FIRS), the agency saddled with the responsibility of collecting taxes said it collected the highest VAT from Professional Services.

A total of N42.38 billion VAT was generated from Professional Services and closely followed by Other Manufacturing generating N39.45 billion, Commercial and Trading generating N21.15 billion.

The FIRS collected N58.88 million VAT from the Mining sector, which was the least and closely followed by Pioneering and Textile and Garment Industry with N58.88 million, N185.72 million and N353.75 million generated respectively. 

 

 

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