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Nigeria Generates N810.19bn From Company Income Tax in Q3

Nigeria Generates N810.19bn From Company Income Tax in Q3

Nigeria Generates N810.19bn From Company Income Tax in Q3

Nigeria Generates N810.19bn From Company Income Tax in Q3

According to the most recent data from the National Bureau of Statistics (NBS), the amount of Company Income Tax (CIT) collected in Nigeria in the third quarter of 2022 increased by 13.4 percent to N810.19 billion from N714.40 billion in the second quarter.

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CIT is a tax levied against a company’s profit from all sources. The Federal Inland Revenue Service (FIRS) estimates that this accounts for 30% of a company’s overall profit.

However, comparing Q3 2022 to Q3 2021, CIT collections rose 71.46 percent year over year.

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According to the NBS in the Company Income Tax Q3 2022 report released on Monday, local payments received were N483.17 billion, while Foreign CIT Payment contributed N327.02 billion in Q3 2022.

On a quarter-on-quarter basis, the arts, entertainment, and recreation activities recorded the highest growth rate with 93.33 percent, followed by Agriculture, forestry, and fishing with 75.38 percent.

Nigeria Generates N810.19bn From Company Income Tax in Q3

On the other hand, accommodation and food service activities had the slowest growth rate, with – 64.81 percent, followed by Water supply, sewerage, waste management, and remediation activities with -64.75 percent.

In terms of sectoral contributions, the top three largest shares in Q3 2022 were Manufacturing with 28.76 percent, Information and communication with 27.31 percent, and Financial & insurance with 8.81 percent.

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Conversely, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.003 percent.

It was followed by water supply, sewerage, waste management, and remediation activities with 0.05 percent; and activities of extra-territorial organizations and bodies with 0.11 percent.


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