The National Bureau of Statistics (NBS) has disclosed that revenue generated from Value Added Tax (VAT), increased by 2.54 per cent in the third quarter, Q3’18 to N273.5 billion.

The NBS announced the figure in a sectoral distribution of value-added tax report for third quarter, 2018 posted on its website.

Specifically, the NBS stated that the sectoral distribution of Value Added Tax (VAT) data for Q2 and Q3 2018 reflected that the sum of N273.50bn was generated as VAT in Q3 2018 as against N266.73bn generated in Q2 2018 and N269.79bn in Q1 2018 representing 2.54% Increase Quarter-on-Quarter and 9.16% increase Year-on-Year.

VAT is a tax on the amount by which the value of an article has been increased at each stage of its production or distribution.

The bureau  also stated that other manufacturing generated the highest amount of VAT with N31.48bn generated 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 N52.70 mln, N177.34 mln and N265.35 mln generated respectively.

NBS said 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.

SOURCE: https://brandspurng.com/2019/01/01/nigeria-value-added-tax-rises-to-n273-5bn-in-q3-nbs/

Good

Good

EVERYTHING is just rising and rising under the current Buhari's government.

To the NEXT LEVEL we go, to the land flowing with milk and honey.

God bless our President

The question is has it impacted on the life of the common man? I am not carried away by all this politically motivated statements!!!

Nigeria will be great again

Believe it,,, some certain people will not like this update

Gbagbe baba yi ma woole lee kan si,Alh Muhammad Buhari is a man of real integrity

FTC for the first time since joining Nairaland.

A sign of positive things to come in new year.

post=74368741:
EVERYTHING is just rising and rising under the current Buhari's government.

God bless our President

including Boko haram and fulani herdsmen

This is good, beautiful and commendable, if the government could believe this about themselves, then they should believe the unemployment issue too....

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GodblessNig247:
The question is has it impacted on the life of the common man? I am not carried away by all this politically motivated statements!!!

NBS is very apolitical! Was it not the same NBS that stated the country lost jobs recently? Were they political then? Lol!!!

those that are allergic to bad news concerning this country should lineup here;
1._____-_
2.""":____
3.***___"
For the patriots, we are already in line for a news as good as this.
shalom,my people.
Bad news mongers are now in sambisa forest, zamfara,plateau.... Waiting for the next person to be killed in other to celebrate and insults buhari & the present government. God passed them. we pray for safety of our troops and countrymen/women & peace in our homes/communities.
God will exposed & punish the wicked,Amen.
Nigeria will be great again,despite all the machinery against her. The just/in innocent shall prevailed.

Seun please can you introduce a block button on nairaland? I need to stop seeing that Suya selling zombie post please

This news will excite the lazy governors who will be expecting their share of the VAT despite some not contributing to it. Manufacturing which includes breweries are largely in the south and generates the highest yet a Northern state will destroy these goods and still want a share from its sales.

GodblessNig247:
The question is has it impacted on the life of the common man? I am not carried away by all this politically motivated statements!!!

They gave the common man a lone of#10,000 u people begin to cry up and down now you are asking whether it has improved d life of common man.
What a HYPOCRITE you are. You act as if you care about the common man while deep inside your mind is full of hate toward the so called common man. Children of hate keep on wailing while my president is moving higher higher.
GOD BLESS BUHARI

Thanks to PDP underground works...

Noted