The National Bureau of Statistics (NBS) yesterday, said the country generated N338.94 billion as Value Added Tax (VAT) in the first quarter of the year (Q1'20).
The NBS disclosed this in its Sectoral Distribution of VAT Report for Q1'20.
The report showed that professional services generated the highest amount of VAT overtaking "Other Manufacturing" sector which has been in the top position of VAT generation over the years.
According to the Bureau, Professional Services generated the highest amount of VAT with N38.30 billion generated and closely followed by Other Manufacturing generating N37.37 billion.
The report noted: "Out of the total amounted generated in Q1'20, N172.67 billion was generated as Non-Import VAT locally while N93.67 billion was generated as Non-Import VAT for foreign.
