Value Added Tax (Q2 & Q3 2018) recorded 9.16% Year on Year Growth:
Given the Sectoral Value Added Tax Distribution report for Q2 & Q3, 2018, which indicated a quarter on quarter growth of 2.54%, from N266.73BN to N273.50bn, Year on Year Growth was 9.16%. The sectorial performance are as follows: Manufacturing Sectors was the highest contributor, which generated N31.48Bn followed by Professional Service that generated N25.57Bn and Commercial & Trading was next in the sequence, the sector generated N15.99Bn. The less contributing sector are in the following sequence: Pharmaceutical, Soap, & Toiletries, it contributed N52.70M, while Textile generated N177.34M and Automobiles & Assemblies generated N265.35M. According to income Classification, of the total amount generated for Q3, 2018, the sum of N128.62Bn was generated from Non-Import VAT Locally, while N58.84Bn was from Non-import VAT foreign, and the balance of N86.04Bn was generated from Nigeria Customs Service Import VAT.
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