VAT revenue drops by 1.25%—NBS

By Peace Gabriel
Revenue generated from Value Added Tax VAT, into the federation account dropped by 1.25 per cent in the first quarter of this year the but showed an increase of 9.84 per cent when compared with the yearly performance, National Bureau of Statistics has said.
Data released by NBS said that sectoral distribution of Value Added Tax(VAT) for the first quarter of 2017 reflected that the sum of N204.77 billion was generated as VAT as against N207.35 billion generated in the last three months of 2016 and N186.43 billion in the first quarter of 2016 representing 1.25 per cent decrease Quarter-on-Quarter and 9.84 per cent increase Year-on-Year.
According to the report manufacturing generated the highest amount of VAT with N28.73 billion generated and closely followed by Professional Services and Commercial & Trading both generating N20.82 billion and N12.89 billion respectively. The report said that Mining generated the least and closely followed by Local Government Councils and Textile and Garment industry with N35.07 million, N99.84 million andN230.89 million generated respectively.
NBS said “Out of the total amounted generated in the first three months of 2017, N126.64 billion was generated as Non-Import VAT locally while N31.72 billion was generated as Non-Import VAT for foreign. The balance of N46.41 billion was generated as NCS-Import VAT. “