FG generates N714.4bn from taxes paid by Nigerian companies in second-quarter of 2022

The Federal Government has generated N714.4 billion from Company Income Tax (CIT) in the second quarter of this year (Q2’22).

This figure represents a 29 per cent quarter-on-quarter growth when compared to N551.5 billion generated in Q1’22.

This was contained in the CIT report for Q2’22 released today, Friday, September 9, 2022, by the  National Bureau of Statistics (NBS).

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According to NBS, the CIT generated in  Q2’22 comprises local payments of N634.01 billion and foreign CIT payment of N80.39 billion.

The report reads; ”On the aggregate, CIT for Q2′ 22 was reported at N714.4 billion, indicating a growth rate of 29.5 percent on  QoQ basis from N551.53 billion in Q1’22. “Local payments received were N634.01 billion, while foreign CIT payment contributed N80.39 billion in Q2’22.

“On a QoQ basis, the activities of accommodation & food services recorded the highest growth rate with 481.93 percent, followed by Information & communication with 430.6 per cent, and Transportation & storage with 339.08 percent .

“On the other hand, activities of extraterritorial organizations & bodies had the lowest growth rate with 42.59 percent, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with -31.80 percent.

“In terms of sectoral contributions, the top three largest shares in Q2’22 were Manufacturing with 27.5 percent; Infor-mation & communication with 24.5 percent, and Financial & insurance with 14.9 percent.

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“Conversely, the activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share with 0.004 percent, followed by activities of extraterritorial organizations & bodies with 0.07 percent; and water supply, sewerage, waste management & remediation activities with 0.12 percent.

“However, on a year-on-year basis, CIT collections in Q2’22 increased by 51.3 percent from Q2’21,” it said.

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