The National Bureau of Statistics on Monday said the sectoral distribution of Value Added Tax data for the third quarter of 2020 reflected that the sum of N 424. 71 bn was generated as VAT in Q 3 2020.

This was against N 327.20 bn generated in Q 2 2020 and N 275.12 bn generated in Q 3 2019.

It said the third quarter VAT represents 29. 8 per cent increase quarter-on-quarter and 54.37 per cent increase year-on- year.

“Other manufacturing generated the highest amount of VAT with N 47.07 bn generated, ”the bureau said in its report.

This, it said, was closely followed by professional services, which generated N 44.01 bn.

It said commercial and trading generated N 21.18 bn, while mining generated the least.

Mining was closely followed by textile and garment industry and pharmaceutical, soaps and toiletries with N 64.50 m, N 346.27 m and N 386.16 m respectively.

The bureau stated that out of the total amount generated in Q3 2020, N 214.66 bn was generated as non-import VAT locally.

It said N 115.34 bn was generated as non-import VAT for foreign.

The NBS report stated that the balance of N 94.70 bn was generated as Nigerian Customs Service – Import VAT.

Source:- Punch ng