Sectoral distribution of Value Added Tax (VAT) data for Q1 2017 reflected that the sum of N204.77bn was generated as VAT in Q1 2017 as against N207.35bn generated in Q4 2016 and N186.43bn in Q1 2016 representing 1.25% decrease Quarter-on-Quarter and 9.84% increase Year-on-Year.
Other manufacturing generated the highest amount of VAT with N28.73bn generated and closely followed by Professional Services and Commercial & Trading both generating N20.82bn and N12.89bn respectively while Mining generated the least and closely followed by Local Government Councils and Textile and Garment industry with N35.07 mln, N99.84 mln and N230.89 mln generated
Out of the total amounted generated in Q1 2017, N126.64bn was generated as Non-Import VAT locally while N31.72bn was generated as Non-Import VAT for foreign. The balance of N46.41bn was generated as NCS-Import VAT.
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(ProshareNg)
