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Thu, Mar

Vat In Nigeria Hit N808bn In 9 Months

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According to a disclosure by the National Bureau of Statistics (NBS), shows that the revenue generated from Value Added Tax (VAT) from sectoral distribution spanning from first through the third quarters of 2018 was put at N808 billion.

 

VAT is a consumption tax placed on a product whenever a value is added at each stage of the supply chain, from production to the final point of sale.

Additionally, the sectoral Distribution of Value Added Tax for the second quarter (Q2) and third quarter (Q3) of 2018 posted on the Bureau’s website, showed an increase in the revenue generated from VAT during the year (2018) under review.

The report further showed that the sum of N273.50 billion was generated as VAT in the third quarter (Q3), N266.73 billion in the second quarter (Q2) and 269.79 billion in the first quarter(Q1) of the year 2018, respectively.

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