Manufacturing Sector Tops In N273bn VAT Generated In Q3’2018, Says NBS

The manufacturing sector had the highest contribution to the Value Added Tax generated in the third quarter of 2018, the latest data obtained from the National Bureau of Statistics on Tuesday revealed.

The figures, showed that the VAT generated in Q3 rose to N273.5bn.

The NBS said, “Sectoral distribution of Value Added Tax data for Q2 and Q3 2018 reflected that the sum of N273.5bn was generated as VAT in Q3 2018 as against N266.73bn generated in Q2 2018 and N269.79bn in Q1 2018 representing 2.54 per cent increase Quarter-on-Quarter and 9.16 per cent increase Year-on-Year.”

It added that, “Other manufacturing generated the highest amount of VAT totalling N31.48bn and closely followed by professional services and commercial and trading both generating N25.57bn and N15.99bn respectively; while mining generated the least and closely followed by pharmaceutical, soaps & toiletries and textile and automobiles & assemblies with N52.70m, N177.34m and N265.35m generated respectively.”

Out of the total amount generated in Q3 2018, N128.62bn was generated as non-import VAT locally while N58.84bn was generated as non-import VAT for foreign.

The balance of N86.04bn was generated as NCS-Import VAT in Q3 2018, according to the NBS.

VAT from automobiles and assemblies fell to N265.35m in Q3 2018, from N488.76m in Q2 and N441.66m in Q1.

The data, further revealed that breweries, bottling and beverages generated N7.82bn VAT in Q3, from a figure of N9.43bn in Q2 and N8.88bn in Q1.

The building and construction sector generated N2.37bn VAT in Q3 2018, from N2.67bn in Q2 and N2.38bn in Q1 respectively.

Chemicals, paints and allied industries generated N393.03m VAT in Q3 2018, from N317.15m in Q2 and N420.85m in Q1 respectively.