{"id":33282,"date":"2021-05-09T17:11:53","date_gmt":"2021-05-09T16:11:53","guid":{"rendered":"https:\/\/everyday.ng\/?p=33282"},"modified":"2021-05-09T17:11:53","modified_gmt":"2021-05-09T16:11:53","slug":"vat-increases-by-n41-7-billion-in-q1-2020-nbs","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=33282","title":{"rendered":"VAT Increases By N41.7 Billion In Q1 2020- NBS"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Value Added Tax (VAT)\u00a0increased\u00a0by N41.7 billion to N496.39 billion in Quarter One\u00a0 of 2021 as against N454.69 billion generated in Quarter Four of 2020 and N324.58 billion generated in Q1 of 2020.<br \/><br \/>The National Bureau of Statistics (NBS) published the figures\u00a0 in Abuja on Saturday in its Sectoral Distribution of VAT for Q1 2021.<br \/><br \/>According to the bureau, the\u00a0increase<br \/>represents 9.17 per cent\u00a0increase<br \/>quarter-on-quarter and 52.93 per cent\u00a0increase\u00a0year-on-year.<br \/><br \/>It said that of the total amount generated in Q1 of 2021, N224.85 billion was generated as non-import\u00a0VAT locally, while N171.66 billion was generated as non-import\u00a0VAT for foreign.<br \/><br \/>It added that the balance of N99.88 billion was generated as Nigeria Customs Service-import\u00a0VAT.<br \/><br \/>The NBS said that manufacturing generated the highest amount of VAT\u00a0 \u2013 N49.41 billion \u2013\u00a0 \u00a0closely followed by professional services which generated N42.50 billion.<br \/><br \/>\u201cState ministries and parastatals generated N26.96 billion, while mining generated the least with N48.36 million.<br \/><br \/>According to NBS, mining is closely followed by pioneering and textile with N77.01 million, and garment industry with N289.41 million.\u201d<br \/><br \/>The bureau said that the data was provided by the\u00a0Federal\u00a0Inland Revenue Service and verified and validated by NBS.<br \/><br \/>\u25aa\ufe0eBy NAN<br \/><br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Value Added Tax (VAT)\u00a0increased\u00a0by N41.7 billion to N496.39 billion in Quarter One\u00a0 of 2021 as against N454.69 billion generated in Quarter Four of 2020 and N324.58 billion generated in Q1 of 2020. The National Bureau of Statistics (NBS) published the figures\u00a0 in Abuja on Saturday in its Sectoral Distribution of VAT for Q1 2021. According [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":13481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1806,1122,138],"class_list":["post-33282","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-1806","tag-nbs","tag-vat"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/33282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33282"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/33282\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}