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VAT revenue declines to N275bn in Q3’19

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Tax, Anambra, VAT

By Elizabeth Adegbesan

The National Bureau Statistics (NBS) said the federal government generated N275.12 billion Value Added Tax (VAT) in the third quarter of the year (Q3’19).

This represents a 12 percent quarter-on-quarter decline when compared to N311.94 billion generated in Q2’19.

The Bureau disclosed this in its latest Sectoral Distribution of VAT report.

According to NBS, Professional Services sector recorded the highest amount of VAT with N32.1billion generated followed by Other Manufacturing sector with N30.3billion.

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The report stated: “Sectoral distribution of   VAT data for Q3’19 reflected that the sum of N275.12 billion was generated as VAT in Q3’19 as against N311.94 billion generated in Q2’19 and N273.50bn generated in Q3 2018 representing 11.81 percent decrease Quarter-on-Quarter and 0.59 percent   increase Year-on-Year.

The report stated further:  “Out of the total amounted generated in Q3’19, N150.74 billion was generated as Non-Import VAT locally while N63 billion was generated as Non-Import VAT for foreign. The balance of N61.37 billion was generated as Nigeria Custom Service (NCS)-Import VAT.”

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