FIRS raked in N651.77bn VAT in first six months of this year, says NBS

Federal Inland Revenue Service raked in N651.77billion Value Added Tax (VAT) in the first six months of this year.

The National Bureau of Statistics (NBS) said this on Monday

In a report entitled: “Sectorial Distribution of Value Added Tax (H1 2020), posted on its website, NBS noted that it was higher than its collection of the corresponding time of last year that was N600.98billion.

According to the report, the increase represents 8.5 per cent growth Year-on-Year.

NBS said: “Sectoral distribution of Value Added Tax (VAT) data for H1 2020 reflected that the sum of N651.77billion was generated as VAT in H1 2020 as against N600.98billion generated in H1 2019. This represents 8.45per cent growth Year-on-Year.”

The report added that Professional Services generated the highest amount of VAT with N95.92billion generated and closely followed by Other Manufacturing generating N67.63billion, Commercial and Trading generating N31.10billion while Mining generated the least and followed by Textile and Garment Industry and Pharmaceutical, Soaps and Toiletries with N127.58million, N499.19million and N648.78million generated.

Of the total amounted generated during the period under review, NBS said N335.82billion was generated as Non-Import VAT locally while N161.74billion was generated as Non-Import VAT for foreign. The balance of N154.21billion was generated as NCS-Import VAT.

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