NBS: Nigeria generated £ 424.71 billion in VAT in the third quarter.

Posted by on Nov 3, 2020, Under: News

NBS: Nigeria generated £ 424.71 billion in VAT in the third quarter.

The National Statistical Office said Monday that the industry distribution of value added tax data for the third quarter of 2020 reflects the amount of 424 Norwegian dollars. € 71 billion was received in VAT in the third quarter of 2020.

This was compared to 327.20 billion N received in the second quarter of 2020 and 275.12 billion N in the third quarter of 2019.

It says VAT in the third quarter represents an increase of 29.8% qoq and 54.37% year on year.

“Other production activities brought the largest amount of VAT – 47.07 billion NN”, – says the bureau’s report.

This, he said, was closely followed by professional services, which brought in 44.01 billion euros.

According to him, trade and commerce brought in 21.18 billion N, and the mining sector – a minimum.

The mining industry is followed by the textile, clothing and pharmaceutical industries, the manufacture of soap and toilet articles with N 64.50 m, N 346.27 m and N 386.16 m, respectively.

The Bureau reports that out of the total amount generated in the third quarter of 2020, N214.66 billion was received in the form of non-imported VAT at the local level.

According to him, 115.34 billion NE was received in the form of non-imported VAT abroad.

The NBS report says the balance of 94.70 billion N was obtained from the Nigeria customs service – VAT on imports.

Source: – Punch ng


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