The total Value Added Tax (VAT) generated by governments in the first quarter of this year totaled N269.79 billion, representing 6.17 percent increase over the N254.10 billion of the consumption tax raked in the last quarter of 2017.
The VAT collection report published by the National Bureau of Statistics (NBS) indicated that the Q1, value was higher by 21.87 percent year-on-year.
Sectoral distribution of Value Added Tax (VAT) data for Q1 2018 reflected that manufacturing sector generated the highest amount of VAT with N30.14 billion generated.
The sector was closely followed by Professional Services and Commercial and Trading both generating N16.58 billion and N14.93 billion respectively. Mining sector generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment industry with N46.25 million, N243.44 million and N285.43 million generated respectively.
The NBS reported further that out of the total amounted generated in Q1 2018, N121.40 billion was generated as Non-Import VAT locally while N98.40 billion was raked in as Non-Import VAT for foreign.
The balance of N50.00 billion was generated as NCS-Import VAT.
