{"id":77981,"date":"2021-01-27T17:31:42","date_gmt":"2021-01-27T16:31:42","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=77981"},"modified":"2021-01-27T17:31:42","modified_gmt":"2021-01-27T16:31:42","slug":"vat-increases-by-n29-98bn-in-q4-2020-nbs","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/other-news\/vat-increases-by-n29-98bn-in-q4-2020-nbs\/","title":{"rendered":"VAT increases by N29.98bn in Q4 2020 \u2014 NBS"},"content":{"rendered":"<p>The National Bureau of Statistics (NBS) says Value Added Tax (VAT)<br \/>\nincreased by N29.98 billion from N424.71 billion generated in third<br \/>\nquarter to N454.69 billion in fourth quarter, 2020 (Q4 2020).<\/p>\n<p>The NBS said this in its \u201cSectoral Distribution of Value Added Tax (Q4<br \/>\n2020)\u201d obtained from its website on Wednesday in Abuja.<br \/>\nThe bureau said that the figure represents 7.06 per cent increase<br \/>\nQuarter-on-Quarter and 47.39 per cent increase Year-on-Year from the<br \/>\nN308.48 billion generated in Q4 2019.<\/p>\n<p>The report said that professional services generated the highest amount<br \/>\nof VAT with N42.38 billion generated and closely followed by other<br \/>\nmanufacturing generating N39.45 billion, while commercial and trading<br \/>\ngenerated N21.15 billion.<\/p>\n<p>\u201cMining generated the least with N58.88 million and closely followed by<br \/>\npioneering and textile which generated N185.72 million, while the<br \/>\ngarment industry generated N353.75 million.<\/p>\n<p>\u201cOut of the total amount generated in Q4 2020, N212.52 billion was<br \/>\ngenerated as Non-Import VAT locally while N143.35 billion was generated<br \/>\nas Non-Import VAT for foreign.<\/p>\n<p>\u201cThe balance of N98.81 billion was generated as Nigeria Customs<br \/>\nService-Import VAT\u201d, it added.<\/p>\n<p>Meanwhile, for Company Income Tax (CIT) by Sectors for the period under<br \/>\nreview, the NBS stated that N295.72 billion was generated as against<br \/>\nN416.01 billion generated in third quarter.<\/p>\n<p>It added that the figure represents -28.91 per cent decrease<br \/>\nQuarter-on-Quarter and -18.31 per cent decrease Year-on-Year from the<br \/>\nN362.01 billion generated in Q4 2019.<\/p>\n<p>According to it, professional services, including telecoms, generated<br \/>\nthe highest amount of CIT with N32.17 billion generated.<\/p>\n<p>\u201cThis was closely followed by other manufacturing generating N25.64<br \/>\nbillion, commercial and trading generating N19.41 billion.<\/p>\n<p>\u201cTextile and garment industry generated the least with N104.37 million,<br \/>\nclosely followed by mining with N136.99 million and Local Government<br \/>\nCouncils with N298.73 million generated.\u201d<\/p>\n<p>The report said that out of the total amount generated in Q4 2020, N162<br \/>\nbillion was generated as CIT locally while N63.52 billion was generated<br \/>\nas foreign CIT payment.<\/p>\n<p>It added that the balance of N70.20 billion was generated as CIT from<br \/>\nother payments.<\/p>\n<p>The News Agency of Nigeria (NAN) reports that data was provided by the<br \/>\nFederal Inland Revenue Service (FIRS) and verified and validated by the<br \/>\nNBS. (NAN)<\/p>\n<div class=\"yj6qo\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The National Bureau of Statistics (NBS) says Value Added Tax (VAT) increased by N29.98 billion from N424.71 billion generated in third quarter to N454.69 billion in fourth quarter, 2020 (Q4&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":48437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-77981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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