FG generates N28.82bn VAT from manufacturing sector

0
179
Factual Pursuit of Truth for Progress

Eniola Peters

The manufacturing sector of the economy has generated the highest amount of N28.82 billion Value Added Tax (VAT) in fourth quarter, 2018.

Also, the professional services sector collected N24.12 billion, while commercial and trading generated N16.02 billion in the period.

VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale.

The report was provided by the Federal Inland Revenue Service (FIRS) and was verified and validated by the National Bureau of Statistics (NBS),

According to NBS, Nigeria generated N298.01 billion from VAT in the period.

The report added that the figures in the quarter rose by 8.96 per cent quarter-on-quarter and by 17.28 per cent year-on-year.

The bureau explained that the sum of N298.01 billion was generated asVAT in fourth quarter 2018, as against N273.50 billion generated in third quarter 2018, and N266.73 billion in second quarter, 2018.

Also,NBS said that the mining sector generated the least amount of N35.75 million, Pharmaceutical N209.33 million, while Chemical and Allied Industries generated N258.39 million.

It stressed that N138.42 billion was generated as Non-Import VAT locally, while N47.89 billion was generated as VAT for foreign items in the quarter under review.

The bureau noted that the balance of N111.71 billion was generated as Nigeria-Customs Import VAT in the period under review.

LEAVE A REPLY

Please enter your comment!
Please enter your name here