Nigeria’s Value Added Tax (VAT) collections in the first quarter of this year rose to N269.79 billion, representing 6.17 percent increase over the N254.10 billion generated in the last quarter of 2017.
The National Bureau of Statistics (NBS) report on the consumption tax indicated that the value of the sum generated in Q1 was higher by 21.87 percent year-on-year.
According to the agency, the sectoral distribution of Value Added Tax (VAT) data reflected that other manufacturing sector generated the highest amount of VAT with N30.14 billion generated.
The sector was closely trailed by Professional Services and Commercial and Trading both generating N16.58 billion and N14.93 billion respectively.
The Mining sector generated the least and was closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment industry with N46.25 million, N243.44 million and N285.43 million generated respectively.
The Bureau reported further that out of the total amounted generated in the quarter under review, N121.40 billion accrued as Non-Import VAT locally while N98.40 billion was raked in as Non-Import VAT for foreign.
The balance of N50.00 billion was generated as NCS-Import VAT.