The Federal Inland Revenue Service (FIRS) raked in N454.69 billion as Value Added Tax in the fourth quarter (Q4) of 2020, NewsSpecng learnt.
Despite the pandemic, the country recorded an increase of 7.06 per cent over the N424.71 billion collected in the preceding quarter of the same year, according to the National Bureau of Statistics (NBS) .
NBS disclosed this known in its Sectoral Distribution of Value Added Tax (Q4 2020) report.
The data said: “Sectoral distribution of Value Added Tax (VAT) data for Q4 2020 reflected that the sum of N454.69bn was generated as VAT in Q4 2020 as against N424.71billion generated in Q3 2020 and N308.48billion generated in Q4 2019 representing 7.06 per cent increase Quarter-on-Quarter and 47.39 per cent increase Year-on-Year.”
NBS said out of the total amounted generated in Q4 2020, N212.52 billion was generated as Non-Import VAT locally while N143.35bn was generated as Non-Import VAT for foreign.
According the data, the balance of N98.81billion was generated as Nigeria Customs Service-Import VAT.
The document said Professional Services generated the highest amount of VAT with N42.38 billion generated and closely followed by other Manufacturing generating N39.45 billion, Commercial and Trading generating N21.15 billion while Mining generated the least and closely followed by Pioneering and Textile and Garment Industry with N58.88 million, N185.72million and N353.75million generated respectively
