Company Income Tax grows to 226.40% in Q2 2023 — NBS

Statistics by the National Bureau of Statistics, (NBS) states that the Nigeria’s Company Income Tax (CIT) for Q2 2023  on the aggregate grew by 226.40 per cent to N1.53 trillion.

The NBS noted that the growth is an indication a growth rate of 226.40 per cent on a quarter-on-quarter basis from N469.01 billion in Q1 2023.

According to the NBS report, the local payments received in the period were N1.02 trillion, while Foreign CIT Payment contributed N505.91 billion in Q2 2023.

On a quarter-on-quarter basis, water supply, sewerage, waste management, and remediation activities recorded the highest growth rate with 626.52 per cent, followed by accommodation and food service activities with 585.11 per cent.

On the other hand, education had the lowest growth rate with – 15.48 per cent, followed by public administration and defence, compulsory social security with 25.46 per cent.

In terms of sectorial contributions, the top three largest shares in Q2 2023 were manufacturing with 25.63 per cent; financial and insurance activities with 24.47 per cent; and information and communication with 20.30 per cent.

However, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 per cent, followed by activities of extraterritorial organizations and bodies with 0.06 per cent; and water supply, sewerage, waste management, and remediation activities with 0.09 per cent. In addition, on a year-on-year basis, CIT collections in Q2 2023 increased by 114.28 per cent from Q2 2022.