Take a fresh look at your lifestyle.

VAT generates N273.50b in Q3 2018

A total of N273.50bn was generated as Value Added Tax (VAT) in the third quarter of 2018 as against N266.73bn generated in second quarter of 2018 and N269.79bn in first quarter, representing 2.54 per cent increase Quarter-on-Quarter and 9.16 per cent increase Year-on-Year.

READ ALSO: Best country to do business: Nigeria drops to 14 in Africa

The manufacturing sector generated the highest amount of VAT with N31.48bn, closely followed by professional services and commercial and trading both generating N25.57bn and N15.99bn respectively.  Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and  Textile and Automobiles & Assemblies with N52.70 million, N177.34 million and N265.35 million respectively.

Out of the total amounted 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 Nigeria Customs Service-Import VAT.