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VAT Collections Peak At N254.10bn In Q4 2017 – NBS

The National Bureau of Statistics (NBS) has reported that the sum of N254.10 billion was collected from various productive sectors of the economy as Value Added Tax (VAT) in the last quarter of 2017.

When compared with the sum of N250.56 billion generated in the preceding quarter, the fourth quarter collections reflected an increase of about 1.41 per cent.

However, an analysis of sectoral distribution on year-on-year basis showed that the N254.10 billion collected during the quarter under review (Q4 2017) showed a remarkable improvement of about 22.55 percent over the N207.35 billion collected in the corresponding quarter of 2016.

According to the latest report on the sectoral distributions of VAT by the Bureau, other manufacturing generated the highest amount of VAT with N28.19 billion and the sector was closely followed by Professional Services and Commercial and Trading both generating N22.34 billion and N12.87 billion respectively.

A further analysis of the VAT distributions on sectoral basis indicated that the Mining sector generated the least sum of N32.51 million while Pharmaceutical, Soaps & Toiletries generated N177.19 million and Local Government Councils raked in N201.12 million during the quarter.

The NBS also reported that out of the total amounted generated in Q4 2017, N121.09 billion was generated as Non-Import VAT locally while N79.44 billion was generated as Non-Import VAT for foreign.

The balance of N53.57 billion was generated as NCS-Import VAT.

 

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