FG rakes in N889.16bn from VAT, CIT in Q1 2021 – NBS




The Federal Government (FG) raked in a total of N889.16 billion as proceeds from Value Added Tax (VAT) and Company Income Tax (CIT) in the first quarter of this year (2021), according to the Nigerian Bureau for Statistics (NBS).

Data on Company Income Tax breakdown by sectors for the first quarter of 2021 reflected that the sum of N392.77 billion was generated as CIT as against N295.72 billion generated in fourth quarter of 2020 and N295.68 billion generated in first quarter of 2020 representing 32.82 per cent increase Quarter-on-Quarter and 32.84 per cent increase Year-on-Year.

Breweries, Bottling and Beverages generated the highest amount of CIT with N23.26 billion generated and closely followed by Professional Services including Telecoms which generated N18.17 billion, State Ministries & Parastatals generated N17.35 billion while Textile and Garment Industry generated the least and closely followed by Mining and Automobiles and Assemblies with N13.49 million, N34.40 million and N73.57 million generated respectively.

Out of the total amounted generated in first quarter of 2021, N152.33 billion was generated as CIT locally while N184.59 billion was generated as foreign CIT payment. The balance of N55.85 billion was generated as CIT from other payments.

Sectoral distribution of Value Added Tax (VAT) data for first quarter of 2021 reflected that the sum of N496.39 billion was generated as VAT in first quarter of 2021 as against N454.69 billion generated in fourth quarter of 2020 and N324.58 billion generated in first quarter of 2020 representing 9.17 per cent increase Quarter-on-Quarter and 52.93 per cent increase Year-on-Year.

Other Manufacturing generated the highest amount of VAT with N49.41 billion generated and closely followed by Professional Services generating N42.50 billion, State Ministries & Parastatals generating N26.96 billion while Mining generated the least and closely followed by Pioneering and Textile and Garment Industry with N48.36 million, N77.01 million and N289.41 million generated respectively.

Out of the total amounted generated in the first quarter of 2021, N224.85 billion was generated as Non-Import VAT locally while N171.66 billion was generated as Non-Import VAT for foreign. The balance of N99.88 billion was generated as Nigeria Custom Service (NCS)-Import VAT.

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