VAT records 1.73 % increase in third quarter – NBS

The National Bureau of Statistics (NBS) said revenue generated from Value Added Tax (VAT), increased by 1.73 per cent in the third quarter of 2017.

The NBS announced the figure in a sectoral distribution of value added tax report for third quarter, 2017 posted on the bureau’s website posted in Abuja.

The further disclosed that the figured increased from N246.30 billion in the second quarter to N250.56 billion in third quarter.

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.

It also stated that the figure generated in the quarter was higher than N196.70 billion recorded during the same period in 2016, representing 1.73 per cent increase quarter-on-quarter and 27.39 per cent increase Year-on-Year.

The bureau noted that the manufacturing sector generated the highest amount of VAT with N28.98 billion,closely followed by Professional Services and Oil Producing,N22.73 billion and N12.09 billion.

It said that the mining sector generated the least with N33.70 million,closely followed by Local Government Councils and Pharmaceutical, Soaps and Toiletries, N193.78 million.

NBS said of the total amounted generated in the quarter, N125.13 billion was generated as Non-Import VAT locally while N72.10 billion was generated as Non-Import VAT for foreign.

It, however, stated that the balance of N53.33 billion was generated as Nigeria Customs Service Import VAT.