Nigerians pay N427.71bn VAT to govt in Q4 2020

Value Added Tax

Nigerians pay N427.71bn VAT to govt in Q4 2020   The Aggregate Value Added Tax (VAT) paid by Nigerians to the government in the fourth quarter of 2020 (Q4 2020) stood at N454.69 billion, N29.98 billion higher than N424.71 billion recorded in the previous quarter, Q3 2020. This is disclosed by the National Bureau of Statistics (NBS) in its “Sectoral Distribution of Value Added Tax (Q4 2020)” obtained from its website on Wednesday. The bureau said the figure represented 7.06 per cent increase Quarter-on-Quarter and 47.39 per cent increase Year-on-Year…

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Minister: FG waives N1.3trn in import duty, VAT

Minister: FG waives N1.3trn in import duty, VAT

The Federal Government yesterday, said it has waived import duty and Value Added Tax, VAT, valued at about N1.3 trillion in addition to other incentives in nine years to 2019. The Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, disclosed this during a one day sensitization seminar on automation of the Import Duty Exemption Certificate (IDEC) processes organized by the Ministry in collaboration with the Nigeria Customs Service in Kano. The Minister, represented by the Kano State Commissioner of Finance, Shehu Na’allah, while giving the breakdown, said within…

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Nigerians’ VAT payment to governemnt’s coffers hit N651.77bn in HY1 2020

Value Added Tax

In the first six months of 2020, Nigerians pay a total of N651.77 billion as Value Added Tax (VAT) to  the wallet of the federal government through consumption of goods and services. Latest statistics obtained by BuisnessMetricsNG from the National Bureau of Statistics (NBS) show that the sum of N651.77 billion was generated as Value Added Tax (VAT) for HY1 period. The amount generated during the period represents 8.45 per cent growth from the N600.98 billion generated during the corresponding half of 2019. As the remitted VAT increased in the…

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