By Samuel Oyejola
Federal Ministries, Departments and Parastatals (MDAs) experienced another sharp drop in Value Added Tax (VAT) in third Quarter of 2017 says National Bureau of Statistics (NBS).
MDAs’ VAT generated N3.9bn in Q3 while Q2 of the same year was N7.35bn, a sharp difference of N3.45bn.
Although the MDAs VAT continue to decline, FIRS recorded an increase in the Value Added Tax for the third quarter in 2017.
According to the NBS, the N250.56bn generated in the 3rdQ by the FIRS represent 1.73% increase compared to the 2nd Q while it is a 27.39% increase compared to the same period 2016.
For 2017 the FIRS has generated N701.63bn meaning a 23.06% growth rate.
According to the statistics the agricultural sector generated N508m in the Q3 representing 2.17% increase compared to the last quarter while it represent a 52.7% compared to the same quarter last year.
VAT generated from other manufacturing is the highest in the Q3 with N28.98bn. Professional services and Vat generated from Oil produce generated N22.73bn and N12.09bn respectively.
However N3.69bn Q3 VAT generated from Banks and other financial institutions have continued to drop. In Q2 N5.67bn was generated while N6.9bn was generated in Q3 2016.
