N273.50BN WAS GENERATED FROM VAT DURING THIRD QUARTER OF 2018 – NBS

The National Bureau of Statistics (NBS), has said sectoral distribution of Value Added Tax (VAT) show that it generated N273.50 billion in the third quarter of 2018.

This is against the N266.73 billion generated in the second quarter of 2018 and N269.79 billion in the first quarter of 2018.

The bureau, according to a report posted on its website said the amount represented 2.54 percent increase quarter-on-quarter and 9.16 percent increase year-on-year.

NBS said N128.62 billion was generated as Non-Import VAT locally while N58.84 billion was generated as Non-Import VAT for foreign, out of the total amount generated in the third quarter of 2018.

It added that the balance of N86.04 billion was generated as NCS-Import VAT.

The bureau said other manufacturing generated N31.48 billion-the highest amount of VAT generated and closely followed by Professional Services and Commercial and Trading, both generating N25.57 billion and N15.99 billion respectively.

It said Mining sector generated the least amount and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Automobiles & Assemblies with N52.70 million, N177.34 million and N265.35 million generated respectively.