FG Makes N909 Billion From VAT In 2017

Between October 2016 and September 2017, the federation account obtained a complete influx of N908.9bn in Value Added Tax receipts from the Federal Inland Revenue Service, figures obtained from the National Bureau of Statistics have revealed.

An evaluation of the VAT report obtained from the NBS confirmed that the quantity was collected from 28 pectoral actions in the course of the interval underneath evaluation.

A breakdown of the quantity confirmed that the sum of N207.35bn was generated within the fourth quarter of 2016, whereas the primary, second and third quarters of 2017 had N204.77bn, N246.3bn and N250.56bn, respectively.

Within the report signed by the Statistician Basic of the Federation and Chief Government, NBS, Dr. Yemi Kale, the bureau stated the manufacturing sector with N115.76bn generated the best quantity of VAT income.

The NBS report stated the manufacturing sector is intently adopted by skilled providers and oil producing sectors with each producing N83.76bn and N47.6bn respectively.

Alternatively, the report stated the mining sector generated the least VAT of N136.38m within the one yr interval.

Different sectors that generated the bottom VAT income are the native governments with N798.08m and pharmaceutical, soaps and toiletries with N1.55bn.

The report learn partially, “Sectoral distribution of VAT knowledge for Q3 2017 mirrored that the sum of N250.56bn was generated as VAT in Q3 2017 as towards N246.30bn generated in Q2 2017 and N196.70bn in Q3 2016.”

The framework underneath which VAT is run permits the Federal Authorities to get 15 per cent of VAT income, whereas the states and native governments obtain 50 per cent and 35 per cent, respectively.

The Minister of Finance, Mrs. Kemi Adeosun, had stated that 55 per cent of the income generated by the Federal Authorities from VAT receipts was collected from Lagos State.

Adeosun, had throughout a gathering with progressive governors discussion board defined that the stability of 45 per cent are generated from the remaining 35 states of the Federation and the Federal Capital Territory.

Giving a breakdown of the receipts from VAT, she stated whereas Lagos accounted for 55 per cent of VAT income, 20 per cent got here from the FCT.

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