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VAT hits N424.71bn in Q3 2020

VAT hits N424.71bn in Q3 2020

National Bureau of Statistics (NBS) said that a total of N424.71 billion was generated as Value Added Tax (VAT) in Q3 2020 as against N327.20 billion generated in Q2 2020.

This was made available on its website titled: “Sectoral distribution of Value Added Tax for Q3 2020.”

The NBS noted that N275.12 billion was generated in Q3 2019 representing 29.80 percent increase quarter-on-quarter and 54.37 percent increase year-on-year. It said manufacturing generated the highest amount of VAT with N47.07 billion, closely followed by professional services with N44.01 billion.

The bureau also revealed that commercial and trading generated N21.18 billion, while mining generated the least and closely followed by textile and garment industry and pharmaceutical, soap and toiletries with N64.50 million, N346.27 million and N386.16 million respectively.

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The NBS further noted out of the total amount generated in Q3 2020, N214.66 was generated as non-import VAT locally, while N115.34 was generated as non-import VAT for foreign.

It explained that the balance of N94.70 billion was generated as Ncs-import VAT.