VAT escalates, Company Income Tax decreases as FG allocates N676bn for July

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The Federation Accounts Allocation Committee (FAAC) was, on Wednesday, reported to have shared N676.407 billion as federation allocation for the month of July 2020.

A statement from the Federal Ministry of Finance, Budget and National Planning explained that the amount included VAT.

The Federal Government received N273.189 billion, the States received N190.849 billion, the Local Government councils got N142.761billion, while the oil-producing states received N42.851 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refund got N26.757 billion.

The communique issued at the end of the virtual meeting, gross revenue available from the Value Added Tax (VAT) for July 2020 was N132.619 billion against N128.619 billion distributed in the preceding month of June 2020, resulting in an increase of N3.793 billion.

The distribution is as follows; Federal Government got N18.500 billion, the States received N61.668 billion, Local Government Councils got N43.168 billion, while Cost of Collection/Transfer and Refund got N9.283 billion.

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The distributed Statutory Revenue of N543.788 billion received for the month was higher than the N524.526 billion received for the previous month by N19.262 billion, which the Federal government received N254.688 billion, States got N129.181 billion, LGCs got N99.593 billion, Derivation (13% Mineral Revenue) got N42.851 billion and Cost of Collection/ Transfer and Refund got N17.474 billion.

The communique also revealed that Oil and Gas Royalty, Petroleum Profit Tax (PPT), and Value Added Tax (VAT) increased considerably, while Companies Income Tax (CIT), Import and Excise Duty recorded decreases.

The increase could be as a result of policy stipulated by the federal government that commercial properties pay the increased 7.5% tax on all rents since the policy took a full-fledge in July.

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