FG generated ₦1.10 trillion from VAT in 2018: NBS
The federal government generated a total sum of ₦1.10 trillion as Value Added Tax (VAT) in 2018, representing a growth of 13.96 per cent (year-on-year) when compared to the ₦972.34 billion collected in 2017, the National Bureau of Statistics (NBS) stated Thursday..
However, a total sum of ₦298.01 billion was realised in the fourth quarter (Q4, 2018), representing an increase of 8.96 per cent when compared to the ₦273.50 billion collected in the preceding quarter.
The Sectoral Distribution of Value Added Tax (Q4 and Full Year 2018) which was released Thursday by the statistical agency, showed that other manufacturing generated the highest amount of VAT with ₦28.82 billion in Q4, closely followed by professional services and commercial and trading which both generated ₦24.12 billion and ₦16.02 billion respectively.
Mining activities generated the least VAT followed by pharmaceutical, soaps & toiletries and chemical, paints and allied industries with ₦35.75 million , ₦209.33 million and ₦258.39 million respectively.
Of the total amount generated in Q4, ₦138.42 billion was collected as non-import VAT locally while ₦47.89 billion was generated as non-import VAT for foreign.
The balance of ₦111.71 billion was generated as NCS-import VAT within the quarter in review.
However, in 2018, VAT receipts from agriculture totaled ₦2.46 billion, automobiles and assemblies ₦1.55 billion while banks and financial institutions generated ₦18.49 billion in the year under review.
Also, breweries, bottling and beverages generated ₦35.92 billion, building and construction ₦10.00 billion as well as chemicals, paints and allied industries which raked in ₦1.38 billion.
Other contributors to the 2018 VAT receipts include federal ministries and parastatals ₦19.44 billion, gas ₦5.74 billion, hotel and catering ₦6.28 billion and Local Government Councils ₦1.53 billion.
Others are offshore operations ₦2.56 billion, oil marketing ₦7.73 billion, oil producing ₦37.44 billion, other manufacturing ₦122.89 billion, professional services ₦86.28 billion and mining ₦182.54 million.
VAT from properties and investments totaled ₦4.15 billion, publishing, printing, paper packaging ₦1.63 billion as well as state ministries and parastatals ₦42.95 billion.
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