National Bureau of Statistics (NBS) has said that Value Added Tax (VAT) for Q1 2021 rose to N496.39 billion for Q1 2021 as against N454.69 billion generated in Q4 2020 and N324.58 billion generated in Q1 2020.
This figure, the Bureau said, represents 9.17 per cent increase quarter-on-quarter and 52.93 per cent increase year-on-year. Manufacturing it said, generated the highest amount of VAT with N49.41billion and closely followed by professional services with N42.50 billion.
State ministries and parastatals generated N26.96 billion while mining generated the least and closely followed by pioneering and textile and garment industry with N48.36 million N77.01 million and N289.41 billion generated respectively. Out of the total amounted generated in Q1 2021, N224.85 billion came as non-import VAT locally while N171.66 billion was generated as non-import VAT for foreign. The balance of N99.88 billion was generated by Nigeria Customs Service (NCS)-Import VAT.