VAT Collections: Q3 Stood At N251bn From N246bn Q2 in 2017

AdvertisementIn the report from the National Bureau of Statistics (NBS) shows that the revenue generated from value-added tax (VAT) in the third quarter (July-September) of 2017 was N250.56 billion.

This is higher than the N246 billion generated in the second quarter and N197 billion in the third quarter of 2016.

Of the report , manufacturing generated N28.98 billion the highest VAT followed closely by professional services and oil producing, both generating N22.73 billion and N12.09 billion respectively.

The three sectors at the bottom of the generating chain are mining, local government councils and pharmaceuticals, soaps and toiletries which generated N33.70 million, N184.42 million and N193.78 million respectively.

N125.13 billion was generated as non-import VAT locally, while N72.10 billion was generated as non-import VAT for foreign. The balance of N53.33 billion was generated as Nigeria Customs Service-import VAT.

The VAT from agriculture and plantations increased from N508 million from the N497 million recorded in the second quarter of 2017.

VAT from automobiles and assemblies fell N435 million from the N503 million recorded in the second quarter of 2017.

The VAT from banks and financial institutions also fell to N3.6 billion from the N5.6 billion recorded in the second quarter.

Breweries and beverages also experienced a decline as VAT fell to N7.7 billion from N10 billion.

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