The sectoral distribution of Value Added Tax (VAT) data for third-quarter (Q3) 2017 reflected that the sum of N250.56billion was generated as VAT.
The Q3 figure compares to N246.30billion generated in second-quarter (Q2) 2017 and N196.70billion in Q3 2016 representing 1.73percent increase Quarter-on-Quarter (QoQ) and 27.39percent increase Year-on-Year (YoY).
Other manufacturing generated the highest amount of VAT with N28.98billion generated and closely followed by Professional Services and Oil Producing both generating N22.73billion and N12.09billion respectively while Mining generated the least and closely followed by Local Government Councils and Pharmaceutical, Soaps & Toiletries with N33.70million, N184.42million and N193.78million generated respectively.
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Out of the total amounted generated in third-quarter (Q3) 2017, N125.13billion was generated as Non-Import VAT locally while N72.10billion was generated as Non-Import VAT for foreign. The balance of N53.33billion was generated as Nigeria Customs Service (NCS)-Import VAT.
National Bureau of Statistics (NBS) data on sectoral distribution of value-added tax show Agricultural and Plantations (N508million); Automobiles and Assemblies (N435.36million); Banks & Financial Institutions (N3.69billion); Breweries, Bottling and Beverages (N7.75billion); and Building and Construction (N3.209billion).
It also includes Chemicals, Paints and Allied Industries (N349.29million); Commercial and Trading (N11.24billion); Conglomerates (N1.72billion); Federal Ministries & Parastatals (N3.92billion); Gas (N1.37billion); Hotels and Catering (N1.20billion); Local Government Councils (N184.41million); Mining (N33.69million); and Other VAT N1.747billion.
Others are: Offshore Operations (N410.60million); Oil Marketing (N1.306billion); Oil Producing (N12.092billion); other manufacturing (N28.983billion); Petro-Chemical and Petroleum Refineries (N1.06billion), among others.
