Company Income Tax Increased By 53% To N532.5bn In Q1 2022 – NBS

Tax

The National Bureau of Statistics (NBS) has disclosed that Nigeria generated N532.48 billion from company income tax (CIT) in the first quarter (Q1) of 2022.

The NBS disclosed this in its recent company income tax report for the first three months of 2022 and obtained by Prime Business Africa.

CIT is a tax on the profits of incorporated entities in Nigeria, including taxes on the profits of non-resident companies carrying on business in Nigeria.

According to the report, the revenue represents an increase of 53.09 per cent, amounting to N184.67 billion.

The report added that local payments contributed N209.13 billion while foreign CIT payments amounted to N323.35 billion for the period under review.

By sectoral collection, the top contributors of CIT in Q1 2022 were manufacturing with N44.45 billion, information and communication with 29.35 billion and financial and insurance activities generated N25.51 billion.

On the flip side, households as employers, undifferentiated goods and services-producing activities of households for own use contributed the least CIT for the period with N37.99 million; water supply, sewerage, waste management and remediation activities with 398.81 million; activities of the extraterritorial organisation and bodies with N717.95 million; and real estate activities generated N987.16 million.

On annual basis, the Q1 2022 CIT revenue represents an increase of 35.61 per cent as against the N392.65 billion generated in Q1 2021.

PBA Reporter