Banks and other financial institutions generated on behalf of the government, a total sum of N24.77 billion as VAT in 2020.
Banks and other financial institutions have generated on behalf of the government, a total sum of N24.77 billion as Value Added Tax (VAT) in 2020, up by 44.4% when compared to N17.15 billion recorded in 2019.
On a quarterly basis, financial institutions generated the highest VAT figures of N7.36 billion in Q4 2020, up by 64.77% Year-on-Year. This is sequel to the sums of N5.43 billion (Q1, 2020), N5.11 billion (Q2, 2020), and N6.87 billion (Q3, 2020) generated earlier.
The growth in the generated VAT figures might be attributable to the implementation of the modified VAT structure of 7.5% which became effective on February 1, 2020.