Banks and other financial institutions generated on behalf of the government, a total sum of N24.77 billion as VAT in 2020.
VAT revenue grew by 29.3% compared to N1.18 trillion recorded in 2019 as professional services sector tops with N162.3 billion remittance
Total company income tax generated increased by 3.48% in Q3 2020, compared to N402.03 billion recorded in Q2 2020.
VAT collection increased by a decent 22.9% y/y to N1.1tn in 9M 2020 from N876.1bn in 9M 2019.
The sectoral distribution of VAT data increased from N327.20 billion in the Second quarter of 2020 to N424.71 billion by the end of Q3 2020.
The total tax collection in the second quarter of 2020 increased by 8.2%
VAT collection for Q2 2020 climbed higher by 0.8% q/q and 4.9% y/y to N327.2bn.
The decline in VAT implies that uncertainty surrounds the effective implementation of the 2020 budget.
Although we expect the recent increment in the VAT rate to support growth in VAT on locally produced goods, in the short term, we expect the...
Air travelers in Nigeria should brace themselves for a significant increase in the amounts they will be paying for air tickets, going forward. #FAAN,#BA