Business

N424.17Bn generated as VAT in Q3 2020- NBS

The National Bureau of Statistics has revealed that the sectoral distribution of Value Added Tax data for the third quarter of 2020 reflected that the sum of N424.71bn was generated as VAT in Q3 2020.

This is compared to the N327.20bn generated in Q2 2020 and N275.12bn generated in Q3 2019.

It stated that the third quarter VAT represents 29.8 per cent increase quarter-on-quarter and 54.37 per cent increase year-on-year.

“Other manufacturing generated the highest amount of VAT with N47.07bn generated,” the bureau said in its report.

This, it said, was closely followed by professional services, which generated N44.01bn.

It noted that commercial and trading generated N21.18bn, while mining generated the least.

Mining was closely followed by textile and garment industry and pharmaceutical, soaps and toiletries with N64.50m, N346.27m and N386.16m respectively.

The bureau stated that out of the total amount generated in Q3 2020, N214.66bn was generated as non-import VAT locally.

It said N115.34bn was generated as non-import VAT for foreign.

The NBS report stated that the balance of N94.70bn was generated as Nigerian Customs Service-Import VAT.

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