The National Bureau of Statistics (NBS) report on sectoral distribution of Value Added Tax (VAT) data for first-quarter (Q1) 2021 shows that N496.39billion was generated as VAT in Q1 of 2021.
The record VAT generated in Q1’21 compares with N454.69billion generated in Q4 2020 and N324.58billion generated in Q1 2020, representing 9.17percent increase Quarter-on-Quarter and 52.93percent increase Year-on-Year (YoY).
Other Manufacturing generated the highest amount of VAT with N49.41billion generated and closely followed by Professional Services generating N42.50billion, State Ministries and Parastatals generating N26.96billion.
Read Also: Eaton hosts sales activations for Lagos Island, Mainland
Also, Mining generated the least and closely followed by Pioneering and Textile and Garment Industry with N48.36million, N77.01million and N289.41million generated respectively.
Out of the total amounted generated in Q1 2021, N224.85billion was generated as Non-Import VAT locally while N171.66billion was generated as Non-Import VAT for foreign.
The balance of N99.88billion was generated as NCS-Import VAT.
