Nigeria’s VAT collection rose 8.96% in 2018 fourth quarter — NBS

Federal Inland Revenue Service.
Federal Inland Revenue Service.

The National Bureau of Statistics (NBS) says revenue generated from Value Added Tax (VAT) increased by 8.96 per cent in the fourth quarter of 2018.

The NBS announced the figure in a sectoral distribution of value-added tax report for the fourth quarter, 2018 posted on the bureau’s website posted in Abuja.

It said the figure increased from N273.50 billion in the third quarter to N298.01 billion in the fourth quarter.

It also stated that the figure generated in the quarter was higher than N266.73 billion recorded in the second quarter of the same year, representing 8.96 per cent Increase Quarter-on-Quarter and 17.28% Year-on-Year.

The bureau noted that the manufacturing sector generated the highest amount of VAT with N28.82 billion, closely followed by Professional Services and Commercial and Trading both generating N24.12bn and N16.02 bn respectively.

It said that the mining sector generated the least closely followed by Pharmaceutical, Soaps & Toiletries and Chemical, Paints and Allied Industries with N35.75 million, N209.33 million and N258.39 million generated respectively.

“Out of the total amount generated in Q4 2018, N138.42bn was generated as Non-Import VAT locally while N47.89bn was generated as Non-Import VAT for foreign. The balance of N111.71bn was generated as NCS-Import VAT,” the report said.

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