NBS Says N250.56 Billion VAT Generated in Q3 2017

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November 22, 2017/NBS

Sectoral distribution of Value Added Tax (VAT) data for Q3 2017 reflected that the sum of N250.56bn was generated as VAT in Q3 2017 as against N246.30bn generated in Q2 2017 and N196.70bn in Q3 2016 representing 1.73% Increase Quarter-on-Quarter and 27.39% increase Year-on-Year.

Other manufacturing generated the highest amount of VAT with N28.98bn generated and closely followed by Professional Services and Oil Producing both generating N22.73bn and N12.09bn respectively while Mining generated the least and closely followed by Local Government Councils and Pharmaceutical, Soaps & Toiletries with N33.70 mln, N184.42 mln and N193.78 mln generated respectively.

Out of the total amounted generated in Q3 2017, N125.13bn was generated as Non-Import VAT locally while N72.10bn was generated as Non-Import VAT for foreign. The balance of N53.33bn was generated as NCS-Import VAT.

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