Nigeria’s corporate income tax drops to N753.88 in Q4 2022

Bisola David
Bisola David
How Nigeria spent N6.7trn on agric imports in five years - NBS

The National Bureau of Statistic has revealed that the total company income tax recorded by Nigeria dropped by -6.95% from N810.19 billion in Q3 2022 to N753.88 billion in Q4 2022.

According to Nairametrics, this was disclosed by the NBS on Wednesday through it’s Company Income Tax, Q4 report.

It also stated that the local CIT payments generated during the period were N353.90 billion, while payments made by international CIT in Q4 2022 contributed N399.98 billion.

According to the research, manufacturing accounted for 31.20% of all contributions in Q4 2022, followed by financial & insurance activities (12.96%) and information and communication activities (12.77%).

Arts, entertainment, and recreational activities experienced a growth rate of 64.09%, which was lower than that of information and communication activities at 65.75 percent.

The top three sectors in terms of shares in the fourth quarter of 2022 were manufacturing (31.20%), financial & insurance activities (12.96%), and information and communication activities (12.77%), according to the research. In contrast, the activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the lowest share with 0.01%, followed by water supply, sewerage, waste management, and remediation activities with 0.12%; and activities of extraterritorial organizations and bodies with 0.14%.

Value Added Tax revenue was generated by the NBS Nigeria at a total of N2.51 trillion in 2022, a 21.2% rise from N2.07 trillion in the prior year.

According to data by the National Bureau of Statistics, N1.48 trillion was earned as local non-import VAT, N510.8 billion was created as foreign non-import VAT, and Nigeria Custom Service remitted N521.5 billion VAT.

Additional analysis of the data revealed that the highest VAT, at N697.38 billion in the fourth quarter, was followed by N625.39 billion in Q3 2022. In Q2 2022, a total of N600.15 billion was produced, while Q1 2022 saw N588.59 billion come in.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *