The National Bureau of Statistics (NBS) has disclosed that revenue generated from Value Added Tax (VAT), increased by 2.54 per cent in the third quarter, Q3’18 to N273.5 billion.
The NBS announced the figure in a sectoral distribution of value added tax report for third quarter, 2018 posted on its website.
Specifically, the NBS stated that the sectoral distribution of Value Added Tax (VAT) data for Q2 and Q3 2018 reflected that the sum of N273.50bn was generated as VAT in Q3 2018 as against N266.73bn generated in Q2 2018 and N269.79bn in Q1 2018 representing 2.54% Increase Quarter-on-Quarter and 9.16% increase Year-on-Year.
VAT is a tax on the amount by which the value of an article has been increased at each stage of its production or distribution.
The bureau also stated that other manufacturing generated the highest amount of VAT with N31.48bn generated and closely followed by Professional Services and Commercial and Trading both generating N25.57bn and N15.99bn respectively while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Automobiles & Assemblies with N52.70 mln, N177.34 mln and N265.35 mln generated respectively.
NBS said out of the total amount generated in Q3 2018, N128.62bn was generated as Non-Import VAT locally while N58.84bn was generated as Non-Import VAT for foreign. The balance of N86.04bn was generated as NCS-Import VAT.