Manufacturing Sector Generates N30bn VAT In Q1-NBS
The National Bureau of Statistics (NBS) in its sectoral distribution of Value Added Tax (VAT) for the first quarter of 2018 has said that the manufacturing sector generated the highest amount of VAT with N30.14 billion. NBS disclosed in this statistics that “professional services, commercial and trading both generated N16.58 billion and N14.93 billion respectively. While mining generated the least and closely followed by pharmaceutical, soaps, toiletries, textile and garment industry with N46.25 million, N243.44 million and N285.43 million generated respectively. According to NBS, the sectoral distribution of VAT data for first quarter of 2018 reflected that the sum of N269.79 billion was generated as VAT in first quarter of 2018 as against N254.10 billion generated in Q4 2017 and N221.38 billion in Q1 2017 representing 6.17 percent increase quarter-on- quarter and 21.87 percent increase year-on year. “Out of the total amount generated in Q1 2018, N121.40 billion was generated as Non-import VAT locally while N98.40 billion was generated as non- import VAT for foreign. The balance of N50 billion was generated as NCS-import VAT”.