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National Bureau of Statistics (NBS)
By
Mon May 10 2021
The federal government’s Value Added Tax (VAT) collections rose to N496.39 billion in the first quarter of 2021 from the N454.69bn realised in the fourth quarter of 2020, according to the National Bureau of Statistics (NBS).
The sectoral distribution of VAT data for Q1 2021 released at the weekend indicated that the Q! VAT fund was higher than the N324.58bn generated Q1 2020.
Tax
Value Added Tax (VAT) increased by N41.7 billion to N496.39 billion in Quarter One of 2021 as against N454.69 billion generated in Quarter Four of 2020 and N324.58 billion generated in Q1 of 2020. x
The National Bureau of Statistics (NBS) published the figures in Abuja on Saturday in its Sectoral Distribution of VAT for Q1 2021.
According to the bureau, the increase represents 9.17 per cent increase quarter-on-quarter and 52.93 per cent increase year-on-year.
It said that of the total amount generated in Q1 of 2021, N224.85 billion was generated as non-import VAT locally, while N171.66 billion was generated as non-import VAT for foreign.
It added that the balance of N99.88 billion was generated as Nigeria Customs Service-import VAT.
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VAT increases by N41.7bn in Q1 2020 – NBS
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Value Added Tax (VAT) increased by N41.7 billion to N496.39 billion in Quarter One of 2021 as against N454.69 billion generated in Quarter Four of 2020 and N324.58 billion generated in Q1 of 2020.
The National Bureau of Statistics (NBS) published the figures in Abuja on Saturday in its Sectoral Distribution of VAT for Q1 2021.
According to the bureau, the increase represents 9.17 per cent increase quarter-on-quarter and 52.93 per cent increase year-on-year.
It said that of the total amount generated in Q1 of 2021, N224.85 billion was generated as non-import VAT locally, while N171.66 billion was generated as non-import VAT for foreign.
TODAY
January 27, 2021
The National Bureau of Statistics (NBS) says Value Added Tax (VAT) increased by N29.98 billion from N424.71 billion generated in the third quarter to N454.69 billion in the fourth quarter, 2020 (Q4 2020).
The NBS said this in its “Sectoral Distribution of Value Added Tax (Q4 2020)” obtained from its website on Wednesday in Abuja.
The bureau said that the figure represents 7.06 per cent increase Quarter-on-Quarter and 47.39 per cent increase Year-on-Year from the N308.48 billion generated in Q4 2019.
The report said that professional services generated the highest amount of VAT with N42.38 billion generated and closely followed by other manufacturing generating N39.45 billion, while commercial and trading generated N21.15 billion.