The National Bureau of Statistics has reported that the total revenue generated by the Federal Government through Value Added Tax (VAT) had decreased from N207.35bn in the fourth quarter of 2016 to N204.77bn in the first quarter of 2017.
The Bureau, in the report released on Tuesday, stated that manufacturing sector generated the highest amount of VAT with N28.73bn, adding that this is followed by professional services and commercial trading with N20.82bn and N12.89bn respectively.
On the other hand, the report stated that mining sector recorded the least VAT collection of N35.07m.
It reads in part, “Sectoral distribution of VAT data for Q1 2017 reflected that the sum 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 per cent decrease quarter-on-quarter and 9.84 per cent increase year-on-year.”
The report stated that out of the total VAT generated in the first quarter of2017, 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, the report added was generated as NCS-Import VAT.
