The Federal Government earned N289.04 billion from Value Added Tax (VAT) in the first quarter of 2019, National Bureau of Statistics reported.
This is against N298.01billion generated in Q4 2018 and N269.79 billion generated in Q1 2018 representing 3.01 per cent decrease quarter-on-quarter and 7.13 per cent increase year-on-year.
The National Bureau of Statistics, NBS, stated this on Monday in its report on ‘Sectoral distribution Of Value Added Tax (Q1 2019)’.
The manufacturing sector generated the highest amount of VAT totalling N31.42 billion followed by professional services with N24.31billion, commercial and trading generated N14.92 billion while mining raked in the least.
It was closely followed by pharmaceutical, soaps & toiletries and textile and garment industry with N59.88 million, N201.58 million and N298.14 million generated respectively.
Of the total amount generated in Q1 2019, N137.06 billion was generated as non-import VAT locally, while N98.97 billion was generated as non-import VAT for foreign.
The balance of N5.01 billion was generated as NCS-import VAT.
