THUR, FEBRUARY 21 2019-theG&BJournal-Tax analysts can at least agree on one thing; recent tax law enforcement by the Federal Inland Revenue Service (FIRS) supports the extension of the federal government’s revenue generation drive from divergent sources and pushing the economy forward.
The Q42018 Value Added Tax data released today by the National Bureau of Statistics (NBS) reflect some nourishing results.
According to the NBS, sectoral distribution of VAT data for Q4 2018 reflected that the sum of N298.01bn was generated as VAT in Q4 2018 as against N273.50bn generated in Q3 2018 and N266.73bn in Q2 2018 representing 8.96% Increase Quarter-on-Quarter and 17.28% Year-on-Year.
Other manufacturing generated the highest amount of VAT with N28.82bn generated. This is closely followed by Professional Services and Commercial and Trading both generating N24.12bn and N16.02bn respectively while Mining generated the least, closely followed by Pharmaceutical, Soaps & Toiletries and Chemical, Paints and Allied Industries with N35.75 mln, N209.33 mln and N258.39 mln generated respectively.
Out of the total amounted generated in Q4 2018, N138.42bn was generated as Non-Import VAT locally while N47.89bn was generated as Non-Import VAT for foreign. The balance of N111.71bn was generated as NCS-Import VAT.