Total revenues amounting to about N2.94 trillion were generated as both Value Added Tax (VAT) and Company Income Tax (CIT) in 2020, according to the National Bureau of Statistics (NBS).
This represents an increase of N12 billion compared to N2.80 trillion realised in 2019.
While total revenue from VAT at full year increased to N1.53 trillion compared to N1.18 trillion in 2019, CIT receipts declined to about N1.41 trillion from N1.62 trillion in the preceding year.
The figures were contained in two separate reports – Sectoral Distribution of Value Added Tax – Q4 2020 and Company Income Tax (CIT) data for Q4 2020 NBS released yesterday.
One of the reports also showed that N454.69 billion was generated from VAT in the fourth quarter of 2020 compared to N424.71 billion in the preceding quarter and N308.48 billion in Q4 2019.
This represented 7.06 per cent increase quarter-on-quarter and 47.39 per cent increase year-on-year.
According to the NBS, out of the total amount generated in the period under review, non-import VAT locally accounted for N212.52 billion while N143.35 billion was generated as non-import VAT for foreign.
The balance of N98.81 billion was generated as NCS-import VAT.
A further breakdown indicated that professional services generated the highest amount of VAT with N42.38 billion, closely followed by other manufacturing, which generated N39.45 billion, commercial and trading N21.15 billion while mining generated the least VAT of N58.88 million.
Pioneering and textile and garment industry segments
recorded N185.72 million and N353.75 million respectively in Q4.
Year-on-year, however, agriculture and plantation accounted for 140.33 per cent of total VAT while breweries, bottling and beverages accounted for 114.15 per cent as well as chemicals, paint and allied industries contributed 110.97 per cent to VAT.
Similarly, Company Income Tax data for Q4 2020 declined to N295.72 billion compared to N416.01 billion in the preceding quarter and N362.01 billion in Q3 2019.
This represents an increase of -28.91 per cent quarter-on-quarter and -18.31 per cent year-on-year.
NBS said out of the total amount generated in Q4, N162.00 billion was generated as CIT locally while N63.52 billion was generated as foreign CIT payment. The balance of N70.20 billion was generated as CIT from other payments.