Federal Government Earned 1.5 Trillion From VAT In 2020

 Federal Government Earned 1.5 Trillion From VAT In 2020

The Federal Government has generated a sum total of N1.531 trillion from Value Added Tax in 2020. This was disclosed in the latest report published by the National Bureau of Statistics on Sectoral distribution of Value Added Tax for the fourth quarter of 2020.

The report reads: “Sectoral distribution of Value Added Tax data for Q4 2020 reflected that the sum of N454.69bn was generated as VAT in Q4 2020 as against N424.71bn generated in Q3 2020 and N308.48bn generated in Q4 2019 representing 7.06 per cent increase Quarter-on-Quarter and 47.39 percent increase Year-on-Year.

“Professional services generated the highest amount of VAT with N42.38bn generated and closely followed by other manufacturing generating N39.45bn, commercial and trading generating N21.15bn while mining generated the least and closely followed by pioneering and textile and garment industry with N58.88m, N185.72m and N353.75m generated respectively.

“Out of the total amount generated in Q4 2020, N212.52bn was generated as non-import VAT locally while N143.35bn was generated as non-import VAT for foreign.

“The balance of N98.81bn was generated as NCS-Import VAT.”

Meanwhile, in the first quarter of 2020, Nigeria generated N324.6bn from VAT. This grew to N327.2 bn in the second quarter and N424.7bn in the third quarter.  At the end of the year, the country had a VAT increase to N424.7bn in the fourth quarter.

Avatar

Kehinde Ogunyale

Related post