The latest sectoral distribution of Value Added Tax (VAT) data for Q1 2020 released by the National Bureau of Statistics and seen by Investogist, shows that the sum of N338.94bn was generated as VAT in Q1 2020.
The VAT generated was an increment of 9.87% Quarter-on-Quarter up from N308.48bn in Q4 2019, and 15.66% increase Year-on-Year, up from N293.04bn generated in Q1 2019.
Professional Services sector generated the highest amount of VAT with N38.03bn, and it was closely followed by Other Manufacturing sector generating N37.37bn, Commercial & Trading was the third highest, generating N17.18bn.
Fig 1: Top 19 VAT Sectoral contributors
Mining generated the least and closely followed by Textile and Garment Industry, and Local Government Councils with N61.83m, N306.05m and N318.04m generated respectively.
Out of the total amounted generated in Q1 2020, N172.67bn was generated as Non-Import VAT locally, while N93.67bn was generated as Non-Import VAT foreign. The balance of N72.59bn was generated as NCS-Import VAT.
The Data had been provided by the Federal Inland Revenue Service (FIRS), verified and validated by the National Bureau of Statistics (NBS).