VAT: Revenue increases 1.73 % in q3, higher than 2016 — NBS
… Says N246.30bn VAT raked between April, June 2017
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.
Currently, the Federal Government, through its agency, Federal Inland Revenue Service, FIRS, collects 5% on any chargeable item.
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.
It said the figure increased from N246.30 billion in the second quarter to N250.56bn in third quarter.
It also stated that the figure generated in the quarter was higher than N196.70bn 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.
According to the News Agency of Nigeria (NAN), The bureau noted that the manufacturing sector generated the highest amount of VAT with N28.98bn, closely followed by professional services and oil producing,N22.73bn and N12.09bn.
It said that the mining sector generated the least with N33.70 million, closely followed by local government councils and pharmaceutical, soaps and toiletries, N193.78m.
NBS said of the total amounted generated in the quarter, N125.13bn was generated as Non-Import VAT locally; while N72.10bn was generated as Non-Import VAT for foreign.
It, however, stated that the balance of N53.33bn was generated as Nigeria Customs Service Import VAT.
Ganiyu Obaaro, with Agency report
