The Nigerian Government has generated the sum of N275.12 billion from Value Added Tax (VAT) in the third quarter of 2019.

The National Bureau of Statistics (NBS) disclosed this in a report titled ‘Sectoral Distribution Of Value Added Tax (Q3 2019)’ published on Monday.

In the report, the figure generated in the Q3 2019 is lower than the N311.94bn generated in Q2 2019 in the review.

According to the NBS, the sectoral distribution of Value Added Tax (VAT) data for Q3 2019 reflected that the sum of N275.12bn was generated as VAT in Q3 2019 as against N311.94bn generated in Q2 2019 and N273.50bn generated in Q3 2018 representing -11.81% decrease Quarter-on-Quarter and 0.59% increase Year-on-Year.

It revealed that Professional Services generated the highest amount of VAT with N32.09bn generated and closely followed by Other Manufacturing generating N30.27bn, Commercial and Trading generating N14.47bn while Mining generated the least and closely followed by Textile and Garment Industry and Pharmaceutical, Soaps & Toiletries with N44.30mln, N253.83mln and N291.06mln generated respectively.

Out of the total amount generated in Q3 2019, N150.74bn was generated as Non-Import VAT locally while N63.00bn was generated as Non-Import VAT for foreign. The balance of N61.37bn was generated as NCS-Import VAT.

SOURCE:https://brandspurng.com/2019/12/02/nigeria-earned-n275-12bn-from-vat-q3-2019-nbs/