FG Generates N424.7bn VAT For Q3 2020. An Increase Of 54% YonY

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Sectoral distribution of Value Added Tax (VAT) data for Q3 2020 reflected that the sum of N424.71bn was generated as VAT in Q3 2020 as against N327.20bn generated in Q2 2020 and N275.12bn generated in Q3 2019 representing 29.80% increase Quarter-on-Quarter and 54.37% increase Year-on-Year.

Other Manufacturing generated the highest amount of VAT during the quarter with N47.07bn generated and closely followed by Professional Services generating N44.01bn, Commercial and Trading generating N21.18bn while Mining generated the least in quarter 3 2020 and closely followed by Textile and Garment Industry and Pharmaceutical, Soaps & Toiletries with N64.50mn, N346.27mln and N386.16mn generated respectively.

From year to date, Professional Services generated the most VAT with N119.94bn contribution, closely followed by Manufacturing with a contribution of N141.71bn, Commercial and Trading took the distance with N52.29bn followed by State Ministry and Parastatals with N42.15bn and Breweries, Bottling and Beverages with N40.6bn. Mining also generated the least VAT year to date with N192mn with Textile and Garment, Pharmaceutical, Soaps & Toiletries and Publishing, Printing and Packaging generating N845mn, N1.035bn and N1.357bn respectively.

In terms of percentage, Transport and Haulage had the highest year to date growth of 83.34% followed by Automobile and Assembling, Clearing and Forwarding, State Ministry and Parastatals and Agricultural and Plantation with 55.75%, 53.34%, 44.11% and 42.62% respectively. While Local Government Council, Hotel and Catering had less that 1% year to date growth in VAT generation with 0.12% and 0.21% respectively.

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Only Federal Ministry and Parastatals and Textile and Garment Industry had negative year to date growth in VAT generated with -25.25% and -2.69% respectively. While four sectors: Pioneering, Gas, Transport and Haulage and Mining had negative quarter on quarter growth in VAT generated for Q3 2020 with 82.38%, 19.57%, 6.11% and 1.89% respectively.

Offshore Operations had the highest quarter on quarter as well as year on year growth in VAT generated with 193.22% QonQ and 126.54% YonY growth. While Properties and Investments has the lowest QonQ growth of 2.58% and Publishing, Printing, Paper Packaging had the lowest YonY growth with 1.39%.

Federal Ministry and Parastatals, Hotel and Catering, Pioneering and Properties and Investment are the 4 sectors with negative YonY growth in VAT generated in Q3 2020 with -29.52%, -5.92%, -42.30% and -6.92% growth YonY respectively

Of the total amount generated in Q3 2020, N214.66bn was generated as Non-Import VAT locally while N115.34bn was generated as Non-Import VAT for foreign. The balance of N94.70bn was generated as NCS-Import VAT.

NCS-Import VAT had the highest Ytd growth (38.39%) in VAT generated, while Non-Import VAT locally had the highest growth QonQ and YonY. 39.94% and 83.08% respectively.

 


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