Company income taxes rise 13.4% to N810.19 billion in Q3 2022
The third quarter (Q3) of 2022 recorded a total of N810.19 billion in corporate income tax (CIT) revenues for the federal administration.
In comparison to the N714.40 billion collected in the second quarter (Q2) of 2022, this represents a growth rate of 13.41% from quarter to quarter.
The National Bureau of Statistics (NBS) released a CIT report for the third quarter on Monday, December 19, 2023, which includes this information.
As per the NBS’s report, domestic payments amounted to N483.17 billion in the third quarter of 2022, while international CIT payments contributed N327.02 billion.
On a quarter-over-quarter basis, arts and entertainment exhibited the highest growth rate.
“In total, Company Income Tax (CIT) for Q3 2022 was noted at N810.19 billion, reflecting a growth rate of 13.41% on a quarter-on-quarter basis from N714.40 billion in Q2 2022. Domestic payments received reached N483.17 billion, while International CIT payments contributed N327.02 billion in Q3 2022.
“On a quarter-on-quarter basis, Arts, entertainment, and recreation activities demonstrated the highest growth rate at 93.33%, followed by Agriculture, forestry, and fishing at 75.38%. Conversely, Accommodation and food service sectors had the lowest growth rate at -64.81%, immediately followed by Water supply, sewerage, waste management, and remediation activities at -64.75%.
Manufacturing shows highest sectoral contribution
Regarding sectoral contributions, manufacturing represented the three largest shares in Q3 2022, followed by information and communication (27.31%), financial & insurance (8.81%), and manufacturing (28.76%).
The NBS indicated that household activities functioning as employers and undifferentiated households producing goods and services for personal consumption had the lowest share at 0.003%, with the activities of water supply, sewerage, waste management, and remediation at 0.05%, and the operations of extraterritorial organizations and bodies at 0.11%.
It added, “On a year-on-year basis, CIT collections in Q3 2022 rose by 71.46% from Q3 2021.”
Key information
N714.40 billion was indicated as Nigeria’s Company Income Tax (CIT) for the second quarter of 2022.
According to the NBS, the sectors of Accommodation & Food Services saw the highest growth rate of 481.93%, quarter over quarter, followed by Information & Communication, at 430.67%, and Transportation & Storage at 339.08%.
“Domestic payments collected were N634.01 billion, while International CIT payment contributed N80.39 billion in Q2 2022.
“Conversely, the operations of extraterritorial organizations & bodies experienced the lowest growth rate at -42.59%, followed by the activities of households as employers, and undifferentiated goods and services-producing activities for personal use at -31.80%.
