Nigeria earned N424.71bn from VAT Q3 2020 – NBS

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The National Bureau of Statistics (NBS) said the sectoral distribution of Value Added Tax (VAT) data for the third quarter of 2020 reflected that the sum of N 424. 71 bn was generated as VAT in Q 3 2020.

Nigeria earned N424.71bn from VAT Q3 2020 - NBS
Nigeria earned N424.71bn from VAT Q3 2020 – NBS (www.brandspurng.com)

This was against N 327.20 bn generated in Q2 2020 and N 275.12 bn generated in Q 3 2019.

It said the third quarter VAT represents 29. 8 per cent increase quarter-on-quarter and 54.37 per cent increase year-on-year.

The bureau said in its report that other manufacturing generated the highest amount of VAT with N 47.07 bn generated, this, it said, was closely followed by professional services, which generated N 44.01 bn.

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It said commercial and trading generated N 21.18 bn, while mining generated the least.

Mining was closely followed by textile and garment industry and pharmaceutical, soaps and toiletries with N 64.50 m, N 346.27 m and N 386.16 m respectively.

The bureau stated that out of the total amount generated in Q3 2020, N 214.66 bn was generated as non-import VAT locally.

It said N 115.34 bn was generated as non-import VAT for foreign.

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The NBS report stated that the balance of N 94.70 bn was generated as Nigerian Customs Service – Import VAT.

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