Business
VAT Records 1.73 % Increase In Third Quarter- NBS
The National Bureau of Statistics (NBS) said revenue generated from Value Added Tax (VAT), increased by 1.73 per cent in the third quarter of 2017.
The NBS announced the figure in a sectoral distribution of value added tax report for third quarter, 2017 post on the bureau’s website in Abuja.
The bureau further disclosed that the figure increased from N246.30 billion in the second quarter to N250.56 billion in third quarter.
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.
It 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 and 27.39 per cent increase Year-on-Year.
The bureau noted that the manufacturing sector generated the highest amount of VAT with N28.98 billion,closely followed by Professional Services and Oil Producing,N22.73 billion and N12.09 billion, respectively.
It said that the mining sector generated the least with N33.70 million,closely followed by Local Government Councils and Pharmaceutical, Soaps and Toiletries, N193.78 million.
NBS said of the total amounted generated in the quarter, N125.13 billion was generated as Non-Import VAT locally while N72.10 billion was generated as Non-Import VAT for foreign.
It, however, stated that the balance of N53.33 billion was generated as Nigeria Customs Service Import VAT.
Business
Customs Launches Digital Vehicle Verification System To Tackle Smuggling
Business
NDDC Unveils Naval Facilities To Boost Region’s Security
Business
FG Fixes Uniform Prices for Housing Units Nationwide, Approves N12.5m For 3-bedroom Bungalow ……..Says Move To Enhance Affordability, Ensures Fairness
“The approved selling prices are as follows: One-bedroom semi-detached bungalow, N8.5 million; two-bedroom semi-detached bungalow: N11.5 million and three-bedroom semi-detached bungalow, N12.5 million,” the statement added.
Minister of Housing and Urban Development, Ahmed Dangiwa, stated that priority in the allocation of the housing units would be given to low and middle-income earners, civil servants at all levels of government, employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.
The Permanent Secretary in the ministry, Dr. Shuaib Belgore, explained that several payment options have been provided to make the houses affordable and flexible. These include outright (full) payment, mortgage, rent-to-own scheme, and installment payment plans.
The ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence.
“Applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.
The ministry, however, clarified that the approved prices apply strictly to the Renewed Hope Housing Estates which are funded through the ministry’s budgetary allocation, as against the Renewed Hope Cities in Karsana Abuja, Janguza Kano, Ibeju Lekki, Lagos which are being funded through a Public Private Partnership (PPP).
