Company tax for Q3 2022 stood at N810.19bn – NBS

The National Bureau of Statistics (NBS), says the aggregate Company Income Tax (CIT) was reported at N810.19 billion for Q3 2022.

This is according to the NBS Company Income Tax(CIT) Q3 2022 Report released in Abuja.

According to the report, this shows a growth rate of 13.41 per cent on a quarter-on-quarter basis from N714.40 billion in Q2 2022.

The report said local payments received were N483.17 billion, while foreign CIT payment contributed N327.02 billion in Q3 2022.

It said on a quarter-on-quarter basis, the arts, entertainment, and recreation activities recorded the highest growth rate with 93.33 per cent, followed by agriculture, forestry, and fishing with 75.38 per cent.

“On the other hand, accommodation and food service activities had the lowest growth rate at 64.81 per cent.

“This was followed by water supply, sewerage, waste management, and remediation activities at -64.75 per cent.”
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In terms of sectoral contributions, the report showed that the top three largest shares in Q3 2022 were manufacturing at 28.76 per cent, information and communication at 27.31 per cent, and financial and insurance at 8.81per cent.

“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.003 per cent.

“This was followed by water supply, sewerage, waste management, and remediation activities at 0.05 per cent; and activities of extraterritorial organisations and bodies at 0.11 per cent.

The report, however, said, on a year-on-year basis, CIT collections in Q3 2022 increased by 71.46 per cent from Q3 2021.