The National Bureau of Statistics (NBS) has reported that with N28.82 billion Value Added Tax (VAT generated by the Other Manufacturing sector in three month period from October to December 2018, the sector accounted for the highest VAT accruals to the federation account during the quarter.
In its latest report titled ‘Sectoral Distribution of Value Added Tax (VAT) Data Q4 2018’, the agency stated that the total VAT revenue for the quarter stood at N298.01 billion, representing about N25 billion or 8.96 percent higher than the N273.50 billion raked in Q3 2018.
According to the NBS, the Other Manufacturing sector was closely followed by Professional Services and Commercial and Trading both generating N24.12 billion and N16.02 billion respectively during the quarter.
The agency reported that during the reviewed quarter, Mining sector generated the least, closely followed by Pharmaceutical, Soaps & Toiletries and Chemical, Paints and Allied Industries which generated N35.75 million, N209.33 million and N258.39 million respectively.
The bureau clarified further: “Out of the total amounted generated in Q4 2018, N138.42bn was generated as Non-Import VAT locally while N47.89bn was generated as Non-Import VAT for foreign. The balance of N111.71bn was generated as NCS-Import VAT.”
Overall, the agency put the total VAT collection in the country during the year at N1.1 trillion
A breakdown of the N1.1 trillion VAT revenue showed that N269.79 billion was generated from the tax source in the first quarter, compared to the N266.73 billion and N273.5 billion generated in the second and third quarter respectively.
