Sectoral administration of Value Added Tax data for the opening quarter of 2019 revealed that the total of N289.04 billion was made as VAT in Q1 2019 as abreast N298.01billion generated in Q4 2018 and N269.79bn generated in Q1 2018 designating 3.01 per cent decrease quarter-on-quarter and 7.13 per cent increase every year.
The National Bureau of statistics published this in its report on ‘Sectoral distribution Of Value Added Tax (Q1 2019)’, on Monday.
Other manufacturing made the highest amount of VAT calculating N31.42 billion and closely followed by professional services that generated N24.31 billion, commercial and trading generated N14.92bn while mining generated the least. It was strictly observed by pharmaceutical, soaps & toiletries and textile and garment industry with N59.88 million, N201.58 million and N298.14 million generated sequentially.
Out of the total value made in Q1 2019, N137.06bn was generated as non-import VAT locally, while N98.97bn was generated as non-import VAT for foreign.
The excess of N5.01bn was made as NCS-import VAT.
