The National Bureau of Statistics (NBS) has disclosed that revenue generated from Value Added Tax (VAT), increased by 1.41 percent in the fourth quarter, N254.10 billion.
The NBS announced the figure in a sectoral distribution of value-added tax report for the fourth quarter, 2017.
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.
Specifically, the Value Added Tax (VAT) data for Q4 2017 reflected that the sum of N254.10bn was generated as VAT in Q4 2017 as against N250.56bn generated in Q3 2017 and N207.35bn in Q4 2016 representing 1.41% Increase Quarter-on-Quarter and 22.55% increase Year-on-Year.
Other manufacturing generated the highest amount of VAT with N28.19bn generated and closely followed by Professional Services and Commercial and Trading both generating N22.34bn and N12.87bn respectively while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Local Government Councils with N32.51 mln, N177.19 mln, and N201.12 mln generated respectively.
The bureau also stated that out of the total amount generated in Q4 2017, N121.09bn was generated as Non-Import VAT locally while N79.44bn was generated as Non-Import VAT for foreign. The balance of N53.57bn was generated as NCS-Import VAT.