iBlogTV: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3

NBS: Nigeria Generated ₦424.71 Billion VAT In Q3

Nov 3, 2020

NBS: Nigeria Generated ₦424.71 Billion VAT In Q3

The National Bureau of Statistics on Monday said the sectoral distribution of Value Added Tax data for the third quarter of 2020 reflected that the sum of N 424. 71 bn was generated as VAT in Q 3 2020.

This was against N 327.20 bn generated in Q 2 2020 and N 275.12 bn generated in Q 3 2019.

It said the third quarter VAT represents 29. 8 per cent increase quarter-on-quarter and 54.37 per cent increase year-on- year.

“Other manufacturing generated the highest amount of VAT with N 47.07 bn generated, ”the bureau said in its report.

This, it said, was closely followed by professional services, which generated N 44.01 bn.

It said commercial and trading generated N 21.18 bn, while mining generated the least.

Mining was closely followed by textile and garment industry and pharmaceutical, soaps and toiletries with N 64.50 m, N 346.27 m and N 386.16 m respectively.

The bureau stated that out of the total amount generated in Q3 2020, N 214.66 bn was generated as non-import VAT locally.

It said N 115.34 bn was generated as non-import VAT for foreign.

The NBS report stated that the balance of N 94.70 bn was generated as Nigerian Customs Service – Import VAT.

Source:- Punch ng

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