The National Bureau of Statistics (NBS) has reported that out of the N275.12 billion raked in as Value Added Tax (VAT) in the third quarter of this year, the Professional Services sector accounted for the highest collection, totalling N32.09 billion,.
Overall, the NBS, in its just published ‘Sectoral Distribution Of Value Added Tax (Q3,2019) report indicated that during the quarter in review, the VAT accruals dipped by -11.81 percent when compared to the collections in Q2, 2019 but was higher by 0.59 percent when compared to the VAT collected in Q3, 2018.
The official statistics producing and reporting agency stated that in terms of sectoral ranking on VAT collections, the Professional Services was closely followed by Other Manufacturing sector which generated N30.27 billion and that Commercial and Trading sector came third with N14.47 billion generated during the quarter under review.
It reported further that Mining sector generated the least VAT amount of N44.30 million and was closely followed by Textile and Garment Industry with N253.83 million VAT accruals and Pharmaceutical, Soaps & Toiletries with N291.06 million generated.
According to the agency, out of the total amounted generated in Q3 2019, N150.74 billion was generated as Non-Import VAT locally while N63.00 billion was generated as Non-Import VAT for foreign while the balance of N61.37 billion was generated as NCS-Import VAT.