- CIT experiences growth between the months of April, May June 2022.
Companies Income Tax, CIT in Nigeria rises by 29.53% on a quarter-on-quarter basis from ₦551.53 billion Companies Income Tax, CIT in Q1 2022 to ₦714.40 billion in Q2 2022.
This was revealed by the National Bureau of Statistics in its Company Income Tax Report for Q2 2022. According to the report, Local payments received were ₦634.01 billion, while Foreign CIT payments contributed ₦80.39 billion in Q2 2022.
It also stated that on a year-on-year basis, CIT collections in Q2 2022 rose by 51.34% from Q2 2021.
CIT In Nigeria Rises: More on the Increase
The report further revealed that, on a quarter-on-quarter basis, the activities of Accommodation & Food Services documented the highest growth rate with 481.93%, followed by Information & Communication with 430.67%, and Transportation & Storage with 339.08%.
Activities of extraterritorial organizations & bodies experienced the lowest growth rate with 42.59%, followed by activities of Households as employers, undifferentiated goods and services-producing activities of households for own use with -31.80%.
Regarding sectoral contributions, the top three largest shares in Q2 2022 were Manufacturing with 27.55%; Information & Communication with 24.56%, and Financial & Insurance with 14.98%.
However, the activities of households as employers, undifferentiated goods and services-producing activities of households for own use documented the least share with 0.004%, followed by activities of extraterritorial organizations & bodies with 0.07%; and Water supply, sewerage, waste management & remediation activities with 0.12%.
The report also disclosed that the Manufacturing sector remitted ₦174,682.19 billion, followed by ICT at ₦155,737.51 billion and Financial Services at ₦94,983.53 billion.
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