N250b generated from VAT in Q3, says NBS
The National Bureau of Statistics (NBS) has said that the nation generated N250.56 billion from Value Added Tax (VAT) in the third quarter of 2017.
In a statement issued at the weekend in Abuja, the NBS said the sectoral distribution of VAT data for the third quarter of 2017 showed that N250.56billion was generated as VAT during the period as against N246.30 billion generated in the second quarter 2017 and N196.70billion in the third quarter of 2016. This represents a 1.73 percent increase quarter-on-quarter and 27.39 percent increase year-on-year.
The bureau disclosed that manufacturing generated the highest amount of VAT with N28.98billion, closely followed by professional services and oil producing that generated N22.73billion and N12.09billion.
According to the NBS, mining generated the least, closely followed by local government councils, and pharmaceutical, soaps & toiletries with N33.70 million, N184.42 million and N193.78 million.
The bureau explained that out of the total amount generated in the third quarter of 2017, N125.13billion was collected as non-import VAT locally while N72.10billion was generated as non-import VAT for foreign. The balance of N53.33billion was generated as NCS-import VAT.
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