By Elizabeth Adegbesan
Nigeria generated N1.1 trillion as Value Added Tax (VAT) in 2018, representing about 14 percent increase year-on -year (YoY) when compared to N972.35 billion generated in 2017.
The National Bureau of Statistics (NBS), Thursday disclosed this in its VAT report for fourth quarter, 2018 (Q4’18).
‘Other manufacturing’ sector generated the highest amount of VAT during the period leading with N122.89 billion followed by Professional Services sector with N86.28 billion and Commercial and trading sector with N63.10 billion.
On quarterly basis, the Bureau noted that N298.01 billion was generated as VAT in Q4’18 representing an increase of 9.1 percent over the N273.50 billion generated in Q3’18.
It further stated that ‘other manufacturing’ sector generated the highest amount of VAT in Q4’18 with N28.82 billion, closely followed by Professional Services and Commercial and Trading sectors which generated N24.12 billion and N16.02 billion respectively.
Furthermore, the report said that the mining sector generated the least, followed by Pharmaceutical, Soaps & Toiletries and Chemical, Paints and Allied Industries with N35.75 million, N209.33 million and N258.39 million respectively.
The NBS report stated: “Sectoral distribution of VAT data Q4’18 reflected that the sum of N298.01 billion was generated as VAT in Q4’18 as against N273.50 billion generated in Q3’18 and N254.1 billion in Q4’17 representing 8.96 percent increase quarter-on-quarter and 17.28 percent YoY.
“Out of the total amounted generated in Q4’18, N138.42 billion was generated as Non-Import VAT locally while N47.89 billion was generated as Non-Import VAT for foreign. The balance of N111.71 billion was generated as Nigeria Custom Service (NCS)-Import VAT”.