According to the Bureau’s report, the sum of ₦298.01 billion was generated as VAT in Q4 2018, as against ₦273.50 billion generated in Q3 and ₦266.73 in Q2 2018.
Quarter on Quarter 2018, VAT grew by 96% in Q4 2018.
Year-on-Year, there was 17.28% increase in VAT generated.
Out of the total amount generated in Q4 2018, N138.42bn was generated as Non- Import VAT locally while N47.89bn was generated as Non-Import VAT for foreign. The remaining ₦71 billion was generated as NCS-Import VAT.
In Q4 2018, Other Manufacturing generated the highest amount of VAT with ₦82bn generated and closely followed by Professional Services and Commercial and Trading both generating ₦24.12 billion and ₦16.02bn respectively.
Mining generated the least ₦75 million and closely followed by Pharmaceutical, Soaps & Toiletries and Chemical, Paints and Allied Industries with, ₦209.33 million and ₦258.39 million generated respectively.
VAT generation: High Performing Sectors in 2018
Automobiles generated ₦5 million in Q4 2018. Representing 35.87% quarter on quarter Growth. In 2018 full year, total VAT generated amounted to ₦1.56 billion.
Breweries, Bottling and Beverages VAT recorded 0.61% growth in 2018 with ₦35.9 billion. Quarter on Quarter, VAT increased by 24.98%.
VAT from Commercial and Trading increased by 27.39% year on year, while a 0.14% increase was recorded quarter on quarter. A total of 63.062 billion was generated in 2018.
Conglomerate witnessed a decline of 3.28% year on year with ₦126 billion generated. Quarter on quarter, a 58.27% VAT increase was recorded.
Local Government councils generated a 140.33% high increase in VAT year on year, with VAT generated amount to ₦1.54 billion. Quarter and Quarter, VAT from Local Government Council grew by 45%.
Federal Ministries and Parastatals failed to record growth in VAT year on year, with a 4.88% Growth of 1.19% VAT was recorded quarter on quarter. Total of ₦19.4 billion was recorded in 2018.
Gas sector recorded 4.97% VAT year on year, with VAT amounting to ₦74 billion in 2018. Quarter on quarter, 16.02% VAT increase was recorded.
Hotel and Catering generated 26.71% growth in VAT year on year, while quarter 3 on quarter 4 VAT grew at 8.12%.
Minning recorded 34.75% growth in VAT year on year with ₦5 billion
Other VAT for the period under review grew by 32.27 in 2018 year on year.
Also, Offshore Operations witnessed a 12.80% increase in VAT with year on year total amounting to ₦56 billion.
VAT in Oil marketing increased by 20.19% year on year. In 2018 full year, a total of ₦73 billion was recorded
Other Manufacturing recorded a 2.76% increase in VAT collected year on year, with total VAT collected amounting to ₦9 billion in 2018.
Pioneering recorded 35.36% increase in VAT collected year on year 2018.
Properties and Investments recorded 35.46% increase in VAT collected year on year 2018.
VAT from State Ministries & Parastatals grew by 5.05% in 2018 year on year, with total revenue collected amounted to ₦95 billion.
Also, VAT from Stevedoring, Clearing and Forwarding increased by 38.46% in 2018
Textile and Garment industry recorded a 33.27% increase in VAT
Sub-Total (Non-Import VAT) Local collected increased by 1.36% year on year
Non-Import (Foreign) VAT increased by 10.24% year on year
NCS-Import VAT also increased by 50.6% year on year
VAT generation low Performing Sectors in 2018
Agricultural and Plantations recorded a decline in Q4 VAT from ₦2 million in Q3 down to ₦591.7 million. This represents an 18.07% decrease quarter on quarter. Year on year, it grew by 31.72%. Total VAT generated in 2018 was ₦2.47 billion.
Banks and Financial Institution recorded 12.74% growth in VAT quarter on quarter. Total VAT for 2018 dropped by 10.88% with the sum of ₦5 billion.
Building and Construction VAT dropped by 24.66% year on year 2018 with a total VAT amounting to ₦10.003 billion. However, quarter on quarter, VAT generated from building and Construction increased by 8.25%.
₦1.4 billion VAT was generated from Chemical, Plants and Allied Industries, this is a drop by 37% year on year. Quarter 3 on quarter 4, VAT increased by 34.26%
There was a 17.02% year on year decline in VAT from the oil producing sector, total VAT collected in 2018 stood at ₦45 billion.
A 4.34% decline in VAT collected from Petro-Chemical sector with total revenue generated year on year 2018 was ₦66 billion.
VAT from Pharmaceutical, Soaps and Toiletries sector equally dropped by 6.43% year on year 2018.
Pioneering services recorded 1.42% decline in VAT collected year on year 2018.
There was a 35.19% drop in VAT collected from Publishing, Printing, and Paper Packaging
Transport and Haulage Services recorded a 49.94% decline in VAT collected for 2018 year on year.
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