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Sunday, October 2, 2022

Nigeria Generates N1.07 trillion of VAT in 9 Months

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Nigeria’s Federal Government has generated the sum of N1.076 trillion ($2.7bn) in Value added Tax (VAT) in 9 months a 22.8 percent increase compared to the 2019 period, latest Bureau of Statistics data show.

Sectoral distribution of Value Added Tax (VAT) data for Q3 2020 reflected that the sum of N424.71bn was generated as VAT in Q3 2020 as against N327.20bn generated in Q2 2020 and N324.5bn generated in Q1 2020.

Other Manufacturing generated the highest amount of VAT with N47.07bn generated and closely followed by Professional Services generating N44.01bn, Commercial and Trading generating N21.18bn while Mining generated the least and closely followed by Textile and Garment Industry and Pharmaceutical, Soaps & Toiletries with N64.50mln, N346.27mln and N386.16 mln generated respectively.

Out of the total amounted generated in Q3 2020, N214.66bn was generated as Non-Import VAT locally while N115.34bn was generated as Non-Import VAT for foreign. The balance of N94.70bn was generated as NCS-Import VAT.

The federal Government through the Ministry of Finance recently implemented a 50 percent increase in the VAT rate to 7.5 percent from 5 percent.

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