N298bn generated from VAT in This autumn, 2018 – NBS – The Punch

The Nationwide Bureau of Statistics stated Nigeria generated N298.01 billion from Worth Added Tax within the fourth quarter, 2018.

NBS stated this in a Sectoral Distribution of VAT report for the fourth quarter, 2018 posted on its web site.

The Information Company of Nigeria experiences that VAT is a consumption tax positioned on a product each time worth is added at every stage of the provision chain, from manufacturing to the purpose of sale.

The report stated that the figures within the quarter beneath assessment rose by 8.96 per cent quarter-on-quarter and by 17.28 per cent year-on-year.

It stated the sum of N298.01 billion was generated as VAT in fourth quarter 2018, as towards N273.50 billion generated in third quarter 2018, and N266.73 billion within the second quarter, 2018.

In line with the report, the manufacturing sector generated the best quantity of N28.82 billion VAT.

This, the report stated, was carefully adopted by Skilled Providers producing N24.12 billion, whereas  Industrial and Buying and selling producing N16.02 billion.

Additionally, it stated the mining sector generated the least quantity of N35.75 million, Pharmaceutical N209.33 million, whereas Chemical and Allied Industries generated N258.39 million.

The report stated N138.42 billion was generated as Non-Import VAT domestically, whereas N47.89 billion was generated as VAT for overseas gadgets within the quarter beneath assessment.

The bureau, nonetheless, stated that the steadiness of N111.71 billion was generated as Nigeria-Customs Import VAT within the interval beneath assessment.

The information for the report was supplied by the Federal Inland Income Service, verified, and validated by the NBS.


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