Value Added Tax | Image Courtesy Twitter

Latest data from the National Bureau of Statistics revealed that the Federal Government through the Federal Inland Revenue Service (FIRS) generated N311.94 billion in Value Added Tax (VAT) between April and June 2019.

This, according to the report, indicates a 7.92% increase of N269.79 billion generated in the corresponding quarter of 2018 and represent an increase of 16.95% year-on-year.

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In the first quarter of 2019, January to March, Nigeria generated N289.04bn through VAT.

A breakdown shows that the manufacturing sector generated the highest amount of VAT with N34.43bn. It was followed by professional services that generated N29.58bn; and commercial and trading, N16.27bn.

Textile and garment generated a total of N316.91m in VAT; Pharmaceutical generated N250.09m while mining generated the least amount in VAT, N50.6m.

Out of the total VAT value in Q2 2019, N151.56bn was generated as non-import VAT locally, while N94.90bn was generated as non-Import VAT for foreign.

The balance of N65.48bn was generated as NCS-import VAT.

Meanwhile, the FIRS on Monday announced that it would begin the deduction of 5% VAT on online transaction by January 2020.