Home Business NBS reports N714.40bn company income tax for Q2 2022

NBS reports N714.40bn company income tax for Q2 2022

by STALLION TIMES
0 comment
NBS Abuja

The National Bureau of Statistics (NBS), has reported an aggregate Company Income Tax (CIT) of N714.40 billion for the second quarter of 2022.

This is contained in the CIT Report for Q2 2022 released by the NBS in Abuja on Friday.

The report said the value recorded for Q2 2022 indicated a growth rate of 29.53 percent on a quarter-on-quarter basis from N551.53 billion in Q1 2022.

According to the report, on a year-on-year basis, CIT collections in Q2 2022 increased by 51.34 percent from Q2 2021.

The report showed that local payments received were N634.01 billion, while Foreign CIT payments contributed N80.39 billion in Q2 2022.

The report said on a quarter-on-quarter basis, the activities of accommodation and food services recorded the highest growth rate with 481.93 percent.

“This was followed by information and communication with 430.67 percent, and transportation and storage with 339.08 percent,” the report said.

It said, on the other hand, that activities of extraterritorial organizations and bodies had the lowest growth rate with -42.59 percent.

This was 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 report said the top three largest shares in Q2 2022 were manufacturing with 27.55 percent; information and communication with 24.56 percent, and financial and insurance with 14.98 percent.

On the other hand, 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

“This was followed by activities of extraterritorial organizations and bodies with 0.07 percent; and water supply, sewerage, waste management and remediation activities with 0.12 percent,” it added.

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.

(NAN)

You may also like

Leave a Comment