Banks, financial institutions pay N5.42b VAT in Q1

Banks and other financial institutions paid Value Added Tax (VAT) worth N5.42 billion in the first quarter of 2020, National Bureau of Statistics (NBS) has said. In the report posted on its website, NBS said the Federal Government earned N338. 94 billion through VAT within the period, adding that the fund is N49.5 billion higher than what was earned in the first quarter of last year. 

The total fund generated in the first quarter of 2020, N172.67 billion was from Non-Import VAT locally while N93.67 billion was generated as Non-Import VAT for foreign. The balance of N72.59 billion was generated as Nigeria Customs Service-Import VAT.  But the leader is Professional Services which generated N38.30 billion,  and was closely followed by other Manufacturing which generated N37.37 billion. 

Also, Agricultural Plantations generated N973.2 million, Automobiles and Assemblies, N751.5 million while Banks and Financial Institutions generated N5.42 billion, Haulage Services generated N7.66 billion, State Ministries and Parastatals generated N10.66 billion to mention but a few.