Company income tax rose by 53.09% to N532.48bn in Q1 2022, says NBS

The National Bureau of Statistics (NBS) on Thursday disclosed that Company Income Tax (CIT) for first quarter (Q1) 2022 increased to N532.48 billion, a growth rate of 53.09per cent on a quarter-on-quarter basis from N347.81billion in fourth (Q4) 2021.

The bureau in its CIT report, stated that local payments recorded was N209.13 billion in Q1 2022, while Foreign CIT payment contributed N323.35 billion.

The report said: “On a quarter-on-quarter basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 60.61 per cent, followed by education with 39.76 per cent, and construction with 38.98per cent.

“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 per cent, followed by accommodation and food service activities with -51.07 per cent.

“In terms of sectoral contributions, the top three largest shares in Q1 2022 were manufacturing with 21.31 per cent, Information and communication with 14.03 per cent, and Financial and insurance with 12.20 per cent.

“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 per cent, followed by activities of water supply, sewerage, waste management and remediation with 0.19 per cent, and activities of extraterritorial organizations and bodies with 0.34 per cent.

“However, on a year-on-year basis, CIT collections in Q1 2022 increased by 35.61 per cent from Q1 2021”