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Saturday, July 2, 2022

Nigeria’s Company Income Tax Take up 53% on Accelerating Growth

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Nigeria’s Company Income Tax (CIT) take for the first quarter (Q1) of 2022 was reported at N532.48 billion, a growth rate of 53.09% on a quarter-on-quarter basis from N347.81billion in Q4 2021.

Local payments recorded were N209.13 billion in Q1 2022, while Foreign CIT Payment contributed N323.35 billion, according to latest data by the National Bureau of Statistics (NBS).

On a quarter-on-quarter basis, the Activities of extraterritorial organizations and bodies recorded the highest growth rate with 60.61%, followed by Education with 39.76%, and Construction with 38.98%.

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 with – 79.94%, followed by Accommodation and food service activities with -51.07%. In terms of sectoral contributions, the top three largest shares in Q1 2022 were Manufacturing with 21.31%, Information and communication with 14.03%, and Financial and insurance with 12.20%.

Conversely, the Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02%, followed by Activities of Water supply, sewerage, waste management and remediation with 0.19%, and Activities of extraterritorial organizations and bodies with 0.34%.

However, on a year-on-year basis, CIT collections in Q1 2022 increased by 35.61% from Q1 2021.

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