FG Generates N424bn VAT in Third Quarter 2020

Bukola Olanrewaju November 3, 2020 BUSINESS Leave a comment

Nigeria recorded Value Added Tax (VAT) of N424.71 billion for third quarter of 2020, the National Bureau of Statistics (NBS) has reported.

The NBS made this known in its latest report titled “Sectoral Distribution of Value Added Tax Data for Q3 2020” which was released on Monday.

According to the NBS, the VAT grew by 29.80 percent over the second quarter figure and 54.37 percent over the 2019 corresponding period.

Nigeria had generated VAT of N327.20 billion for second quarter of 2020.

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Non-import VAT contributed N214.66 billion of the total generated, out of which non-import VAT for foreign accounted for N115.34 billion.

The NBS report further said, “Manufacturing generated the highest amount with N47.07 billion; closely followed by professional services, which posted N44.01 billion as well as commercial and trading that recorded N21.18 billion.

“Mining generated the least, closely followed by textile and garment industry, and pharmaceutical, soaps and toiletries with N64.50 million, N346.27 million and N386.16 million, respectively.

Agriculture and plantation contributed N1.01 billion; automobiles and assemblies, N8.834 billion; building and construction, N2.93 billion; offshore operations, N1.41 billion and publishing, printing, paper packaging, N4.73 billion.

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The Nigeria Customs Service (NCS) collected N94.70 billion from import VAT during the third quarter of this year, while VAT revenue from banks and financial institutions totalled N6.87 billion; breweries, bottling and beverages, N15.83 billion; hotels and catering, N2.14 billion, and federal ministries and parastatals, N6.37 billion.

The report added, “State ministries and parastatals contributed 19.64 billion during the period under review; properties and investments, N1.07 billion; transport and haulage services, N11.86 billion, and gas N1.12 billion.

“Other contributors to VAT included local government councils N567.97 million; pioneering N1.13 billion; oil-producing N11.54 billion; oil marketing N3.08 billion and conglomerates N1.74 billion