Business

VAT revenue declines by N2.58bn to N204.7bn

National-Bureau-of-Statistics-NBS

The National Bureau of Statistics on Tuesday released the total revenue generated by the country through Value Added Tax in the first three months of this year, with receipts dropping from N207.35bn in the fourth quarter of 2016 to N204.77bn in the first quarter of 2017.

The NBS stated in the report that the manufacturing sector generated the highest amount of VAT with N28.73bn, adding that this was followed by professional services and commercial trading, with N20.82bn and N12.89bn, respectively.

On the other hand, the report stated that the mining sector recorded the least VAT collection of N35.07m.

“Sectoral distribution of VAT data for Q1 2017 reflected that the sum N204.77bn was generated as VAT in Q1 2017 as against N207.35bn generated in Q4 2016 and N186.43bn in Q1 2016, representing 1.25 per cent decrease quarter-on-quarter and 9.84 per cent increase year-on-year,” the report read in part.

The report stated that out of the total VAT generated in the first quarter, N126.64bn came in as non-import VAT locally, while N31.72bn was generated as non-import VAT from foreign sources. The balance of N46.41bn, the report added, was generated as Nigeria Custom Service-import VAT.

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