Nigeria Earns 808 bln Naira From VAT, Stats Office
By Olumidagreaton January 4, 2019
0 33 Views
Nigeria earned around 800 billion naira from Value Added Tax (VAT), latest data from the National Bureau of Statistics (NBS) have shown.
The revenue was generated from sectoral distribution spanning the first to third quarters (Q1-Q3) of 2018, the statistics office said.
VAT is a consumption tax imposed on a product whenever value is added at each stage of the supply chain, from production to the point of sale.
Sectoral Distribution of VAT for Q2 and Q3, 2018 posted on the bureau’s website, showed an increase in the revenue generated from VAT during the year review period.
The report showed that 269.79 billion was realised in the first quarter, 266.73 billion naira in the second quarter and 273.50 billion naira came in as VAT in the third quarter in that order.
The figures represented an increase of 2.54 per cent quarter-on-quarter, and 9.16 per cent increase year-on-year.
Also, the report showed that the manufacturing sector generated the highest amount of VAT averaging 31.48 billion naira, and closely followed by Professional Services and Commercial and Trading, both generating 25.57 billion naira and 15.99 billion naira respectively.
It further stated that the mining sector generated the least, closely followed by Pharmaceutical, Soaps and Toiletries and Textile and Automobiles and Assemblies with 52.70 million naira, 177.34 million naira and 265.35 million naira respectively.
In addition, it stated that out of the total amount generated in the third quarter of 2018, N128.62 billion was generated as Non-Import VAT locally, while N58.84 billion was generated as Non-Import VAT for foreign.
The report however noted that the balance of N86.04 billion was generated as Nigeria-Customs import VAT in the year.
Reliable, factual and educative Financial/business News you can trust. Providing accurate information suitable for leaders and decision-makers in business, government, investors, analysts and international institutions.