Africa Business News Sat, 8 May 2021

Nigeria’s VAT rises to N496bn in Q1’21

Nigeria’s Value Added Tax data for the first quarter of 2021 rose to N496.39bn as of the end of first quarter of 2021.

The National Bureau of Statistics revealed this in its report titled, ‘Sectoral distribution of Value Added Tax data for Q1 2021’ on Saturday.

Part of the report stated, “Sectoral distribution of Value Added Tax data for Q1 2021 reflected that the sum of N496.39bn was generated as VAT in Q1 2021 as against N454.69bn generated in Q4 2020 and N324.58bn generated in Q1 2020 representing 9.17 per cent increase quarter-on-quarter and 52.93 per cent increase year-on-year."

“Other manufacturing generated the highest amount of VAT with N49.41bn generated and closely followed by professional services generating N42.50bn, state ministries & parastatals generating N26.96bn, while mining generated the least and closely followed by pioneering and textile and garment industry with N48.36m, N77.01m and N289.41m generated respectively.

“Out of the total amount generated in Q1 2021, N224.85bn was generated as Non-Import VAT locally while N171.66bn was generated as non-import VAT for foreign. The balance of N99.88bn was generated as NCS-Import VAT.”
Source: punchng.com