The federal government generated a total sum of N289.04 billion as Value Added Tax (VAT) in Q1 2019, representing a decline of 3.01 per cent (Quarter-on-Quarter) when compared to the N298.01 billion collected in Q4 2018, the National Bureau of Statistics (NBS) stated.

Sectoral distribution of Value Added Tax (VAT) data for Q1 2019 reflected that the sum of N289.04 billion was generated as VAT in Q1 2019 as against N298.01 billion generated in Q4 2018 and N269.79 billion generated in Q1 2018 representing -3.01% decrease Quarter-on-Quarter and 7.13% increase Year-on-Year.

Other manufacturing generated the highest amount of VAT with N31.42 billion generated and closely followed by Professional Services generating N24.31 billion, Commercial and Trading generating N14.92 billion while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment Industry with N59.88 million, N201.58 million and N298.14million generated respectively.

Out of the total amount generated in Q1 2019, N137.06 billion was generated as Non-Import VAT locally while N98.97 billion was generated as Non-Import VAT for foreign.

The balance of N5.01 billion was generated as NCS-Import VAT.

SOURCE: https://brandspurng.com/2019/05/28/fg-generated-n289-04-billion-from-vat-in-q1-2019-nbs/