The sum of N250.56billion was generated as Value Added Tax (VAT) in Q3 2017 as against N246.30 billion generated in Q2 2017, National Bureau of Statistics (NBS) has said.
According to data from the NBS sectoral distribution of Value Added Tax (VAT) for Q3 2017, the amount represents a 1.73 per cent increase quarter-on-quarter and 27.39 per cent increase year-on-year.
The report noted that Other manufacturing generated the highest amount of VAT with N28.98 billion and closely followed by Professional Services and Oil Producing with both generating N22.73 billion and N12.09 billion respectively.
The Mining sector generated the least amount of VAT with N33.70 million. While Local Government Councils and Pharmaceutical, Soaps & Toiletries generated N184.42 million and N193.78 million respectively.
Out of the total amounted generated in the quarter ubder review, N125.13 billion was generated as n on-Import VAT locally while N72.10 billion was generated as non-Import VAT on foreign.
Meanwhile, the balance of N53.33 billion was generated as Nigeria Customs Service-Import VAT.
