EconomyHeadlines VAT increases by N41.7bn in Q1 2021- NBS By maritimemag May 11, 2021 ShareTweet 0 Value Added Tax (VAT) increased by N41.7 billion to N496.39 billion in Quarter One of 2021 as against N454.69 billion generated in Quarter Four of 2020 and N324.58 billion generated in Q1 of 2020. The National Bureau of Statistics (NBS) published the figures in Abuja in its Sectoral Distribution of VAT for Q1 2021. According to the bureau, the increase represents 9.17 per cent increase quarter-on-quarter and 52.93 per cent increase year-on-year. It said that of the total amount generated in Q1 of 2021, N224.85 billion was generated as non-import VAT locally, while N171.66 billion was generated as non-import VAT for foreign. It added that the balance of N99.88 billion was generated as Nigeria Customs Service-import VAT. The NBS said that manufacturing generated the highest amount of VAT – N49.41 billion – closely followed by professional services which generated N42.50 billion. “State ministries and parastatals generated N26.96 billion, while mining generated the least with N48.36 million. According to NBS, mining is closely followed by pioneering and textile with N77.01 million, and garment industry with N289.41 million.” The bureau said that the data was provided by the Federal Inland Revenue Service and verified and validated by NBS. © 2021, maritimemag. All rights reserved.