Sectoral distribution of Value Added Tax (VAT) data for quarter two and quarter three reflected that the sum of N273.50 billion was generated as VAT in Q3 2018 as against N266.73 billion generated in Q2 2018 and N269.79 billion in Q1 2018.
This represents a 2.54 per cent Quarter-on-Quarter increase and a 9.16 per cent increase Year-on-Year.
Other manufacturing generated the highest amount of VAT with N31.48 billion generated and closely followed by Professional Services and Commercial and Trading generating N25.57 billion and N15.99 billion respectively, the National Bureau of Statistics (NBS) in its Sectoral Distribution of Value Added Tax (Q2 & Q3 2018) revealed.
The report further showed that Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Automobiles & Assemblies with N52.70 million, N177.34 million and N265.35 million generated respectively.
“Out of the total amounted generated in Q3 2018, N128.62 billion was generated as Non-Import VAT locally while N58.84 billion was generated as Non-Import VAT for foreign. The balance of N86.04 billion was generated as NCS-Import VAT,” the NBS said.
