Abuja, June 14, 2022: The nation’s aggregate Company Income Tax (CIT) for Q1 2023, is reported to be N469.01 billion, the National Bureau of Statistics (NBS) says.
The figure is contained in the NBS Company Income Tax(CIT) Q1 2023 Report released in Abuja on Wednesday.
According to the report, the figure shows a growth rate of -37.79 per cent on a quarter-on-quarter basis from N753.88 billion recorded in Q4 2022.
The report said local payments received were N300.78 billion, while foreign CIT payment contributed N168.23 billion in Q1 2023.
It said on a quarter-on-quarter basis, the financial and insurance activities recorded the highest growth rate at 50.42 per cent, followed by construction at 42.32 per cent.
“On the other hand, water supply, sewerages, waste management and remediation activities had the lowest growth rate at 69.38 per cent, followed by other service activities at -60.13 per cent.”
In terms of sectoral contributions, the report showed that the top three largest shares in Q1 2023 were financial and insurance activities with 22.94 per cent.
“This was followed by manufacturing with 20.91 per cent and information and communication with 11.89 per cent.”
It said 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 0.01 per cent.
“This was followed by water supply, sewerage, waste management, and remediation activities with 0.04 per cent and activities of extraterritorial organisations and bodies with 0.12 per cent.”
The report, however, said, on a year-on-year basis, CIT collections in Q1 2023 decreased by 14.96 per cent from Q1 2022.
