The National Bureau of Statistics (NBS), says the revenue generated from Value Added Tax (VAT) from sectoral distribution from first to third quarters of 2018 was N808 billion.
VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale.
Sectoral Distribution of Value Added Tax for Q2 and Q3, 2018 posted on the bureau’s website, showed an increase in the revenue generated from VAT in during the year under review.
The report showed that the sum of N273.50 billion was generated as VAT in the third quarter, N266.73 billion in the second quarter and 269.79 billion in first quarter of the year respectively.
