FIRS collected VAT worth N454.69bn in Q4 of 2020- NBS

The National Bureau of Statistics (NBS) says that the Federal Inland Revenue Service (FIRS) collected Value Added Tax (VAT) worth N454.69 billion in the fourth quarter (Q4) of 2020.
Acccording to NBS, the figure is7.06 per cent increase over the N424.71 billion collected in the same quarter of 2019
The body made this disclosure 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.”
The breakdown shows that out of the total funds 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.
The data further shows that the balance of N98.81billion was generated as Nigeria Customs Service-Import VAT.
TProfessional Services generated the highest amount of VAT with N42.38 billion generated;  followed by  Manufacturing generating N39.45 billion, Commercial and Trading generating N21.15 billion while Mining generated one of the least.

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