By Peter Egwuatu
The National Bureau of Statistics (NBS) has disclosed that revenue generated from Value Added Tax (VAT), increased by 1.73 per cent in the third quarter, Q3’17 to N250.6 billion.
The NBS announced the figure in a sectoral distribution of value added tax report for third quarter, 2017 posted on its website.
Specifically, the NBS stated that the figure increased to N250.56 billion in Q3’17 from N246.30 billion in the second quarter, Q2’16.
VAT is a tax on the amount by which the value of an article has been increased at each stage of its production or distribution.
The bureau also stated that the figure generated in the quarter was higher than N196.70 billion recorded during the same period in 2016, representing 1.73 per cent increase quarter-on-quarter, QoQ and 27.39 per cent increase Year-on-Year, YoY
The bureau noted that the manufacturing sector…
Read More…..Vanguard Newspaper