Business Briefs
THE National Bureau of Statistics, NBS, has announced that the federal government generated a total sum of N1.10 trillion as Value Added Tax, VAT, in 2018. The figure represents a growth of 13.96 percent (year-on-year) when compared to the N972.34 billion collected in 2017.
However, a total sum of N298.01 billion was realised in the fourth quarter of 2018, representing an increase of 8.96 percent when compared to the N273.50 billion collected in the preceding quarter. The sectoral distribution of VAT for the fourth quarter of full year 2018 showed that other manufacturing generated the highest amount of VAT with N28.82 billion in Q4, closely followed by professional services and commercial and trading which both generated N24.12 billion and N16.02 billion respectively.
Mining activities generated the least VAT followed by pharmaceutical, soaps and toiletries and chemical, paints and allied industries with N35.75 million , N209.33 million and N258.39 million respectively. Of the total amount generated in Q4, N138.42 billion was collected as non-import VAT locally while N47.89 billion was generated as non-import VAT for foreign.
The balance of N111.71 billion was generated as NCS-import VAT within the quarter in review. However, in 2018, VAT receipts from agriculture totalled N2.46 billion, automobiles and assemblies N1.55 billion while banks and financial institutions generated N18.49 billion in the year under review.
Also, breweries, bottling and beverages generated N35.92 billion, building and construction N10.00 billion as well as chemicals, paints and allied industries which raked in N1.38 billion. Other contributors to the 2018 VAT receipts include federal ministries and parastatals N19.44 billion, gas N5.74 billion, hotel and catering N6.28 billion and Local Government Councils N1.53 billion.
Others are offshore operations N2.56 billion, oil marketing N7.73 billion, oil producing N37.44 billion, other manufacturing N122.89 billion, professional services N86.28 billion and mining N182.54 million. VAT from properties and investments totaled N4.15 billion, publishing, printing, paper packaging N1.63 billion as well as state ministries and parastatals N42.95 billion.
– Feb. 22, 2019 @ 16:07 GMT |
Tags: NBS: FG generated N1.10trn from VAT in 2018
