The total revenue from Value Added Tax (VAT) for Q1 2020, increased to ₦338.94billion – a 10% increase from Q4 2019 and a 16% increase from Q1 2019 due to the 50% VAT increase.
Commercial services (₦38 billion), other manufacturing (₦37 billion) and Trade (₦17 billion) recorded the highest remittances – accounting for 54% of the total.
It revealed that professional Services generated the highest amount of VAT with N38.30bn generated and closely followed by Other Manufacturing generating N37.37bn, Commercial and Trading generating N17.19bn while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N61.83m, N306.05m and N319.04m generated respectively.
Federal ministries and parastatals (-33%), state ministries (-16%) and local government councils (46%) all recorded declines in their VAT remittances.
Out of the total amount generated in Q1 2020, N172.67bn was generated as Non-Import VAT locally while N93.67bn was generated as Non-Import VAT for foreign. The balance of N72.59bn was generated as NCS-Import VAT.