Nigeria’s VAT rises to N273.5Bn in Q3 – NBS

The NBS announced the figure in a sectoral distribution of value added tax report for third quarter, 2018 posted on its website.

Specifically, the NBS stated that the sectoral distribution of Value Added Tax (VAT) data for Q2 and Q3 2018 reflected that the sum of N273.50bn was generated as VAT in Q3 2018 as against N266.73bn generated in Q2 2018 and N269.79bn in Q1 2018 representing 2.54% Increase Quarter-on-Quarter and 9.16% increase Year-on-Year.

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.

The bureau also stated that other manufacturing generated the highest amount of VAT with N31.48bn generated and closely followed by Professional Services and Commercial and Trading both generating N25.57bn and N15.99bn respectively while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Automobiles & Assemblies with N52.70 mln, N177.34 mln and N265.35 mln generated respectively.

NBS said out of the total amount generated in Q3 2018, N128.62bn was generated as Non-Import VAT locally while N58.84bn was generated as Non-Import VAT for foreign. The balance of N86.04bn was generated as NCS-Import VAT.

Posted by

AsToldbyAda is an informational website filled with different kinds of spice to fill your daily curiosity. A quick way to credible news. It was incorporated in April 2018. Our mission is to provide the ideal platform for Nigerians in diaspora to gain a deeper insight into day to day affairs in Nigeria. Foreigners looking forward to a visit or those that are just curious to know more about Nigeria will also find a place of comfort here.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s