The National Bureau of Statistics (NBS) has said the Value Added Tax (VAT) in Nigeria shot up by N29.9 billion, from the previous N424.7 billion generated in last year’s penultimate quarter to N454.69 billion in its final quarter.
The NBS said this in its “Sectoral Distribution of Value Added Tax (Q4 2020)” obtained from its website on Wednesday in Abuja.
The bureau said the figure represented 7.06 per cent increase Quarter-on-Quarter and 47.39 per cent increase Year-on-Year from the N308.48bn generated in Q4 2019.
The report indicated that professional services generated the highest amount of VAT with N42.38bn generated and closely followed by other manufacturing generating N39.45bn, while commercial and trading generated N21.15bn.
“Mining generated the least with N58.88mn and closely followed by pioneering and textile which generated N185.72m, while the garment industry generated N353.75m.
“Out of the total amount generated in Q4 2020, N212.52bn was generated as Non-Import VAT locally while N143.35bn was generated as Non-Import VAT for foreign.
“The balance of N98.81bn was generated as Nigeria Customs Service-Import VAT”, it added.
Meanwhile, for Company Income Tax (CIT) by sectors for the period under review, the NBS stated that N295.72bn was generated as against N416.01bn generated in the third quarter.
It added that the figure represented -28.91 per cent decrease Quarter-on-Quarter and -18.31 per cent decrease Year-on-Year from the N362.01bn generated in Q4 2019.
According to it, professional services, including telecoms, generated the highest amount of CIT with N32.17bn generated.Follow us on social media