The National Bureau of Statistics on Monday said the sectoral distribution of Value Added Tax data for the third quarter of 2020 reflected that the sum of N 424. 71 bn was generated as VAT in Q 3 2020.
This was against N 327.20 bn generated in Q 2 2020 and N 275.12 bn generated in Q 3 2019.
VAT Collections in the quarter indicates a 29.8% increase as against N327.2 billion recorded in the previous quarter and 54.37% increase compared to N275.12 billion generated in the corresponding quarter of 2019.
“Other manufacturing generated the highest amount of VAT with N 47.07 bn generated, ”the bureau said in its report.
The N424.7 billion generated in Q3 2020, brings the total VAT collections year-to-date to N1.08 trillion, which is 22.87% higher than N876.1 billion generated as at the same period in 2019.
ByteDance Refuses TikTok Sale Despite US Pressure, Plans Legal Challenge
Dangote Refinery Slashes Fuel Prices Again, Eases Economic Hardship
NNPC Ltd And First E&P Commence Oil Production At OML 85
NNPC Ltd And Partners Donate State Of The Art Library To Niger Delta University