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“Nigeria generates N204bn from VAT in Q1 2017” – NBS

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“Nigeria generates N204bn from VAT in Q1 2017” – NBS

Nigeria generated the sum of N204.77 billion as Value Added Tax (VAT) in the first quarter of 2017, according to the National Bureau of Statistics (NBS).

Value Added Tax (VAT) is a tax levied on the added value that results from the exchange of goods and services.

The NBS stated this in a Sectorial Distribution of VAT Data for the first quarter of 2017, published by the bureaau on Tuesday in Abuja.

The N204.77 billion generated in Q1 2017 was however less than the N207.35 billion generated in the Q4 2016, representing a 1.25 percent decrease quarter-on-quarter.

According to NBS, the VAT generated in the first quarter of 2016 was N186.43 billion. Comparing with the quarter under review, there was a 9.84 percent increase year-on-year.

The bureau stated that the manufacturing sector generated the highest amount of VAT with N28.73 billion.

It stated that it was closely followed by Professional Services, and Commercial and Trading, generating N20.82 billion and N12.89 billion respectively.

Mining generated the least, followed by Local Government Councils, and Textile and Garment Industry with N35.07 million, N99.84 million and N230.89 million respectively.

The bureau further stated that N126.64 billion out of the total amount generated in the quarter under review was Non-Import VAT for local. N31.72 billion was generated as Non-Import VAT for foreign, while the balance of N46.41 billion was generated as Nigeria Customs Service-Import VAT in the first quarter of 2017.

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