VAT collections increased in Q3 by N52.08b year-on-year – The National Bureau of Statistics (NBS ) has said the Value Added Tax (VAT) which the Federal Inland Revenue Service (FIRS) generated in the Third Quarter of 2020 increased by N52.08 billion from the corresponding period of last year.
In its report titled ” Sectoral Distribution Of Value Added Tax (Q3 2020), on its website, the NBS said Sectoral distribution of Value Added Tax (VAT) data for Q3 2020 reflected that the sum of N424.71billion was generated as VAT in Q3 2020 as against N327.20bn generated in Q2 2020 and N275.12bn generated in Q3 2019 representing 29.80 per cent increase Quarter-on-Quarter and 54.37 per cent increase Year-on-Year.
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In the period under review, NBS said the manufacturing generated the highest amount of VAT with N47.07billion generated and closely followed by Professional Services generating N44.01billion, Commercial and Trading generating N21.18 billion.
It added that the Mining generated the least and closely followed by Textile and Garment Industry and Pharmaceutical, Soaps & Toiletries with N64.50 million, N346.27million and N386.16 million generated respectively.
The report reads in part: “Out of the total amounted generated in Q3 2020, N214.66billion was generated as Non-Import VAT locally while N115.34 billion was generated as Non-Import VAT for foreign.
“The balance of N94.70 billiion was generated as NCS-Import VAT.”