N246.30bn Generated as VAT in Q2 2017 – NBS

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Sectoral distribution of Value Added Tax (VAT) data for Q2 2017 reflected that the sum of N246.30bn was generated as VAT in Q2 2017 as against N204.77bn generated in Q1 2017 and N187.03bn in Q2 2016 representing 20.28% Increase Quarter-on-Quarter and 31.69% increase Year-on-Year. 

Other manufacturing generated the highest amount of VAT with N33.69bn generated and closely followed by Professional Services and Oil Producing both generating N21.64bn and N14.94bn respectively while Mining generated the least and closely followed by Local Government Councils and Pharmaceutical, Soaps & Toiletries with N34.19 mln, N154.72 mln and N194.26 mln generated.

Out of the total amounted generated in Q2 2017, N137.79bn was generated as Non-Import VAT locally while N59.83bn was generated as Non-Import VAT for foreign. The balance of N48.68bn was generated as NCS-Import VAT. 

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