VAT: FG Generates N289.04bn in Q1 2019

• VAT: FG Generates N289.04bn in Q1 2019

Federal Government efforts at upping national revenue have started yielding results as the total Value Added Tax (VAT) generated in the first quarter (Q1) of 2019 grew by 7.13 percent year-on-year.

The report released by the National Bureau of Statistics (NBS) on Monday for the Q1 2019 showed N289.04 billion was generated in the first quarter of the year, higher than N269.79 billion generated in the same quarter of 2018.

On a quarterly basis, VAT declined slightly when compared with N298.01 billion realised in the final quarter of 2018.

Breaking down the report, the manufacturing sector contributed the most to the total number during the quarter, generating N31.42 billion. While professional services and commercial and trading industry contributed N24.13 billion and N14.92 billion, respectively.

Pharmaceutical, soaps & toiletries and textile and garment industry accounted for N59.88 million, N201.58 million and N298.14 million, respectively.

A total of N137.06 billion was realised as non-import VAT locally, while N98.97 billion was generated as non-import VAT for foreign. The remaining N5.01 billion was realised as NCS-import VAT.