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Manufacturing sector generated more VAT in Q3 2018 —NBS

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Manufacturing sector expands at a slower rate in July

Data released by the National Bureau of Statistics (NBS) has shown that the manufacturing sector made the highest contribution to the Value Added Tax (VAT) generated in the third quarter of 2018.

The data, released on Tuesday, also showed that the VAT generated in Q3 rose to N273.5 billion.

The NBS said: “Sectoral distribution of Value Added Tax data for Q2 and Q3 2018 reflected that the sum of N273.5 billion was generated as VAT in Q3 2018 as against N266.73 billion generated in Q2 2018 and N269.79 billion in Q1 2018 representing 2.54 per cent increase Quarter-on-Quarter and 9.16 per cent increase Year-on-Year.

“Other manufacturing generated the highest amount of VAT totalling N31.48 billion and closely followed by professional services and commercial and trading both generating N25.57 billion and N15.99 billion respectively; while 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 generated respectively.”

Read also: FIRS remits N4.62trn to Federation Account in 11 months

The NBS data further showed that of the total amount generated in Q3 2018, N128.62 billion was generated as non-import VAT locally and N58.84 billion was generated as non-import VAT for foreign, while the balance of N86.04 billion was generated as NCS-Import VAT in Q3 2018, according to the NBS.

The NBS also said that VAT from automobiles and assemblies fell to N265.35 million in Q3 2018, from N488.76 million in Q2 and N441.66 million in Q1 just as breweries, bottling and beverages generated N7.82 billion VAT in Q3, from a figure of N9.43 billion in Q2 and N8.88 billion in Q1.

Building and construction sector contributed N2.37 billion VAT in Q3 2018, from N2.67 billion in Q2 and N2.38 billion in Q1 respectively, while chemicals, paints and allied industries generated N393.03 million VAT in Q3 2018, from N317.15 million in Q2 and N420.85 million in Q1 respectively.

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