Value Added Tax (VAT) is a consumption tax placed on goods and services by the government. VAT received by the government increased to N1.188 trillion in 2019 from N1.108 trillion in 2018. This indicates a 7.27% increase.
Transport and Haulages Services sector recorded the highest growth rate of 207.59% from N7.92 billion in 2018 to N24.35 billion in 2019 while the highest Sectoral VAT of N124.14 billion was received from other-manufacturing sector, representing 10.4% of the total VAT recorded in 2019.
Data source: Federal Inland Revenue Service
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