FG Generates N204.8b from VAT in Q1 2017

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By Modupe Gbadeyanka

Data released by the National Bureau of Statistics (NBS) on Wednesday has revealed that in the first quarter of 2017, Federal Government generated the sum of N204.77 billion from Value Added Tax (VAT).

This, the agency explained, is in contrast to the N207.35 billion generated in the fourth quarter of 2016 and N186.43 billion in first quarter of 2016.

According to the NBS, the figures represent 1.25 percent decrease Quarter-on-Quarter and 9.84 percent increase Year-on-Year.

In the report titled ‘Sectoral Distribution of Value Added Tax – Q1 2017,’ the NBS said the sector, which generated the highest amount of VAT in the period under review was other manufacturing, which raked N28.73 billion.

This was closely followed by Professional Services and Commercial & Trading both generating N20.82 billion and N12.89 billion respectively, while Mining generated the least and closely followed by Local Government Councils and Textile and Garment industry with N35.07million, N99.84 million and N230.89 million generated.

“Out of the total amounted generated in Q1 2017, N126.64 billion was generated as Non-Import VAT locally, while N31.72 billion was generated as Non-Import VAT for foreign,” the report stated.

“The balance of N46.41 billion was generated as NCS-Import VAT,” it added.

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