Tuesday, January 26, 2021 7:40 PM / by NBS/ Header Image Credit:  NBS

Sectoral distribution ofValue Added Tax (VAT) data for Q42020 reflected that the sum of N454.69bnwas generated as VAT in Q42020 as against N424.71bn generated in Q3 2020 and N308.48bngenerated in Q4 2019 representing 7.06% increase Quarter-on-Quarter and 47.39% increase Year-on-Year.

Professional Servicesgenerated the highest amount of VAT with N42.38bngenerated and closely followed by Other Manufacturinggenerating N39.45bn, Commercial and Trading generatingN21.15bn while Mining generated the leastand closely followed by Pioneering andTextile and Garment Industry with N58.88m,N185.72m and N353.75mgenerated respectively.

Out of the total amount generated in Q4 2020, N212.52bnwas generated as Non-Import VAT locally while N143.35bnwas generated as Non-Import VAT for foreign. The balance of N98.81bn was generated as NCS-Import VAT.

Click Here to Download Q4 2020VAT PDF Report

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