Govt earned N250.56bn VAT revenue in Q3; Manufacturing sector generated the highest amount of VAT revenue

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The National Bureau of Statistics on Wednesday released the Value Added Tax sectoral distribution report for the third quarter of this year with the country recording a total VAT revenue of N250.56bn.

When compared with the N246.3bn VAT revenue that was generated in the second quarter of this year, the N250.56bn represents an increase of 1.73 percent.

In the report signed by the Statistician General of the Federation and Chief Executive, NBS, Dr. Yemi Kale and made available to BrandSpur Nigeria, the bureau said the manufacturing sector, with N28.98bn, generated the highest amount of VAT revenue within the period.

The report stated that the manufacturing sector was closely followed by professional services and oil-producing sectors, with both generating N22.73bn and N12.09bn, respectively.

Read:  FG generated N289.04 billion from VAT in Q1 2019 - NBS

Out of the total amount generated in Q3 2017, N125.13bn was generated as Non-Import VAT locally while N72.10bn was generated as Non-Import VAT for foreign. The balance of N53.33bn was generated as NCS-Import VAT.

Read:  FG Plotting To Increase VAT Rate To 7.5 Percent From The Present 5 Percent By 2020 – Zainab Ahmed

CLICK HERE TO DOWNLOAD FULL REPORT

 

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