FG rakes in N1.75trn from corporate taxes in Q3, 2023

Companies paid N1.75 trillion as taxes in the third quarter of 2023, the National Bureau of Statistics (NBS) declared in its Company Income Tax (CIT) Q3 2023 report released in Abuja on Monday.

On a year-on-year basis, the CIT collections in the third quarter of 2023 increased by 115.9 percent compared to what obtained in the corresponding period of 2022.

According to the report, the third quarter payment shows a growth rate of 14.27 percent on a quarter-on-quarter basis compared to the N1.53 trillion CIT paid in the second quarter of 2023.

The report explained that local payments received were N651.63 billion, while foreign CIT payment contributed N1.10 trillion in the third quarter of 2023.

It explained also that on a quarter-on-quarter basis, the Education sector recorded the highest growth rate at 59.6 percent, followed by public administration and defence, compulsory social security at 57.04 percent.

“On the other hand, activities of households as employers, undifferentiated goods-and-services-producing activities of households for own use had the lowest growth rate at minus 74.34 percent.

“This was followed by water supply, sewerage, waste management and remediation activities at minus 73.25 per cent,” it stated.

In terms of sectoral contributions, the report showed that the largest shares in Q3 2023 were ICT at 26.18 percent, manufacturing at 23.9 percent and mining and quarrying at 11.86 percent.

The NBS stated that on the other hand, activities of households as employers, undifferentiated goods-and services-producing activities of households for own use recorded the least share at 0.0 per cent.

“This was followed by water supply, sewerage, waste management, and remediation activities at 0.04 percent and activities of extraterritorial organisations and bodies at 0.10 per cent,” it added.