Nigeria generates N289 billion from VAT in Q1 2019 – NBS

NBS
National Bureau of Statistics building

The National Bureau of Statistics (NBS) said Nigeria generated N289.04 billion from Value Added Tax (VAT) in the first quarter of 2019.

This is contained in a Sectoral Distribution of VAT report for the first quarter, 2019 posted on NBS’ website.

VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain – from production to the point of sale.

The report said the amount generated within the period under review declined compared to the amount generated in the fourth quarter of 2018.

According to the report, the country generated N298.01 billion in the fourth quarter of 2018.

This, it said, represented a 3.01 per cent decrease quarter-on-quarter and 7.13 per cent increase Year-on-Year.

According to the report, the manufacturing sector generated the highest VAT amount of N31.42 billion.

It said it was followed by Professional Services generating N24.31 billion, Commercial and Trading generating N14.92 billion.

It further said that the mining sector generated the least amount of N59.88 million, pharmaceuticals N201.58 million, while the Chemicals and Allied Industry generated N298.14 million.

The report noted that N137.06 billion was generated as Non-Import VAT locally, while N98.97 billion was generated as Non-Import VAT for foreign items in the quarter under review.

The bureau, however, said the balance of N5.01 billion was generated as Nigeria-Customs Import VAT within the period under review.

The data for the report was provided by the Federal Inland Revenue Service (FIRS) verified and validated by NBS.

(NAN)

Advertisement

PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.