NBS Report Shows Growth of N424.71 Billion VAT in Q3 2020

Admin 03-Nov-2020 Business

Debola Ojo

The National Bureau of Statistics (NBS) in its Sectoral Distribution of Value Added Tax Q3 2020 report, released on Monday, has indicated that 

Nigeria’s value-added tax (VAT) collection increased from N327.2 billion recorded in Q2 2020 to N424.71 billion in Q3 2020.

According to the report, copy of which was obtained by AbujaCityJournal, other manufacturing sector led the pack with N47.07 billion remittance, while VAT Collections in the quarter  indicates a 29.8% increase as against N327.2 billion recorded in the previous quarter and 54.37% increase compared to N275.12 billion generated in the corresponding quarter of 2019.

The breakdown of the report indicated that other manufacturing, generated the highest amount of VAT with N47.07 billion and closely followed by Professional Services, which generated a sum of N44.01 billion.

Commercial and Trading generated N21.18 billion while Mining, Textile and Garment industry generated the least with N63.5 million and N346.27 million respectively.

Out of the total amount generated in Q3 2020, N214.66 billion was collected locally as Non-Import VAT while N115.34 billion was collected as Non-Import VAT for foreign.

The balance of N94.70billion was generated as NCS-Import VAT.

Out of the 28 sectors, 24 of them recorded improved VAT remittances during the period, compared to Q2 2020 while 4 of them recorded decline.

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