Isaac Anumihe, Abuja
National Bureau of Statistics (NBS), yesterday, said that Value Added Tax (VAT) generated N424.71 billion in the third Quarter (Q3) of the year as against N327.20 billion generated in the second quarter (Q2 ) and N275.12 billion generated in Q3 2019, representing 29.80 per cent increase quarter-on-quarter and 54.37 per cent increase year-on-year.
Other manufacturing generated the highest amount of VAT with N47.07 billion and closely followed by Professional Services generating N44.01 billion, Commercial and Trading generated N21.18 billion while Mining generated the least and closely followed by Textile and Garment Industry and Pharmaceutical; Soaps & Toiletries with N64.50 million, N346.27 million and N386.16 million respectively.
Out of the total amount generated in Q3 2020, N214.66 billion was generated as non-Import VAT locally while N115.34 billion was generated as non-Import VAT for foreign. The balance of N94.7 billion was generated as NCS-Import VAT.
Similarly, in its sectoral distribution of VAT data for the first half (H1) of 2020, NBS said that the sum of N651.77 billion was generated as VAT in H1 2020 as against N600.98 billion generated in H1 2019. This represents 8.45 per cent growth year-on-year. Professional Services generated the highest amount of VAT with N95.92 billion and closely followed by Other Manufacturing generating N67.63 billion, Commercial and Trading, generating N31.10 billion while Mining generated the least and closely followed by Textile and Garment Industry and Pharmaceutical, Soaps and Toiletries with N127.58 million, N499.19 million and N648.78 million respectively.
Out of the total amount generated in H1 2020, N335.82 billion was generated as non-Import VAT locally while N161.74 billion was generated as non-Import VAT for foreign.
The balance of N154.21 billion was generated as NCS-Import VAT.