THE sectoral distribution of Value Added Tax, VAT, data for the first quarter of 2019 reflected that N289.04 billion was generated as VAT in Q1 2019 as against N298.01 billion generated in Q4 2018 and N269.79 billion generated in Q1 2018 representing 3.01 percent decrease quarter-on-quarter and 7.13 percent increase year-on-year.

The National Bureau of statistics disclosed this in its report on ‘Sectoral distribution Of Value Added Tax, Q1 2019, on Monday.

Other manufacturing generated the highest amount of VAT totalling N31.42 billion and closely followed by professional services that generated N24.31 billion, commercial and trading generated N14.92 billion, while mining generated the least.

It was closely followed by pharmaceutical, soaps & toiletries and textile and garment industry with N59.88 million, N201.58 million and N298.14 million generated respectively.

Out of the total amounted generated in Q1 2019, N137.06 billion was generated as non-import VAT locally, while N98.97 billion was generated as non-import VAT for foreign.

The balance of N5.01 billion was generated as NCS-import VAT. – Punch

– May 28, 2019 @ 14:35 GMT |