The Federal Government made N251 billion from Value Added Tax (VAT) in the third quarter of 2017 (July to September) slightly higher than the N246 billion generated in the second quarter of 2017 and N197 billion in the comparable third quarter of 2016. These figures represent a 1.73% increase on Qauter-on- Quarter and 27.39% increase Year-on-Year, according to the latest figure released by the National Bureau of Statistics on Wednesday.
Accordingly, other manufacturing generated the highest amount of VAT with N28.98 billion generated and closely followed by Professional services and Oil Producing both generating N22.73 billion and N12.09 billion respectively while mining generated the least and closely followed by local government councils and pharmaceuticals, soaps and toiletries with N33.70 million, N184.42 million and N193.78 million generated respectively.
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Out of the total amount generated in the third quarter of 2017, N125.13 billion was generated as non-import VAT locally, while N72.10 billion was generated as non-import VAT for foreign. The balance of N53.33 billion was generated as Nigeria Customs Service-import VAT.
On agricultural and plantations, the Value-added Tax in this sector showed a third value-added Tax of N508 million. Comparably, third-quarter 2016 figure shows agriculture and plantations accrued VAT of N334 million, whereas second quarter 2017 VAT for same is N497 million.
Sectorally, quarter on quarter percentage growth for agriculture and plantations is 2.17 per cent, whereas Year on Year percentage growth shows 52.29 per cent. The 2017 Year to date VAT on Agriculture and Plantation shows a total of N1.56 billion whereas Year to date growth shows a growth rate of 5.15 per cent.
In the automobile and assemblies sector, the third quarter VAT in the sector shows N435 million. Accordingly, the sectoral contribution of the automobile and assemblies sector in third quarter 2016 shows N357 million whereas the second quarter of 2017 VAT on the same shows N503 million.
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Accordingly, the quarter on quarter percentage VAT shows an increase of 13.49 per cent, whereas Year on Year percentage shows 22.05 per cent. The Growth rate of Year to date 2017 shows 40.83 per cent.
As regards Banks and Financial institutions, the sectoral distribution of Value Added Tax shows a third-quarter 2017 VAT of N3.69 billion. In the third quarter of 2016, the Banks and financial institution figure shows N6.96 billion, whereas the second quarter 2017 figure shows N5.67 billion. This shows Quater by Quater percentage growth of 34.88 per cent, whereas Year on Year figure represents 46.93 per cent. Also, the 2017 year to date growth rate shows 9.30 per cent.
HARRISON EDEH, ABUJA
