Prospects as Nigeria Grows VAT Revenue via thisdaylive
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Chairman, FIRS, Babatunde Fowler, recently announced the N5.3trillion remitted as total revenue into government’s coffers as at December 31, 2018. According to him, FIRS generated N5.3trillion in 2018, the highest in Nigeria’s history. Aggregate contribution of VAT to total tax revenue in six years is estimated at N4.63 trillion, according to figures supplied by the National Bureau of Statistics .
Meanwhile, there are some exemptions. Some items that are exempted from VAT include all exports goods and other products like: Medical, Veterinary and Pharmaceutical raw materials and products. Basic food items Between 2015 and 2016, revenue dropped by 2.25 per cent from N795.43 billion in 2015 to N777.50 billion in 2016. A 25.1 per cent growth recorded in 2017 inched VAT revenue close to the one trillion mark achieved in 2018. Revenue from VAT moved to N972.35 billion in 2017, representing a 25 percent increase from N777.50 billion level achieved in 2016. The achievement in 2018 was unprecedented at N1.11 trillion representing 14.2 per cent increase from N972.35 billion recorded in 2017.
Federal ministries and parastatals ranked 8th on the performance list with N19.44 billion representing a 4.88 per cent decline from the figure posted in 2017, while banks and financial institutions also recorded a drop to by 10.88 per cent in 2018 to about N18.50 billion.
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