NBS: Revenue from VAT Hits N540.23bn in Two Quarters

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James Emejo im Abuja

A total sum of N540.23 billion was generated from the Value Added Tax (VAT) deductions in the second and third quarters of the year (Q2 and Q3 2018), according to the National Bureau of Statistics (NBS).

While the sum of N266.73 billion was realised in Q2, the figure rose to N273.50 billion in Q3, and N269.79 billion in Q3, representing an increase of 2.54 per cent quarter-on-quarter, well as an increase of 9.16 percent Year-on- Year.

VAT receipts for the first three quarters of the year stood at N810.02 billion.

According to the sectoral distribution of Value Added Tax for Q2 and Q3 which was released by the statistical agency, yesterday, other manufacturing category generated N31.48 billion in VAT, the highest in the distribution.

The professional services and commercial and trading both generated N25.57 billion and N15.99 billion, respectively.

Mining generated the least VAT of N52.70 million followed by Pharmaceutical, Soaps & Toiletries which posted N177.34 billion as well as Textile and Automobiles & Assemblies with which recorded N265.35 million.

According to the NBS, out of the total amounted generated in Q3, N128.62 billion was generated as non-import VAT locally, while N58.84 billion was generated as non-import VAT for foreign.

The balance of N86.04 billion was generated as NCS-Import VAT.