Company Income Tax rises 53% to N532.4bn in Q1’22

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Company Income Tax rises 53% to N532.4bn in Q1’22

The National Bureau of Statistics, NBS, has said that Company Income Tax, CIT, rose quarter-on-quarter, QoQ, by 53 percent to N532.48 billion in the first quarter of 2022 (Q1’22) from N347.8 billion in Q1’21.

In its CIT report for Q1’22 released yesterday, NBS noted that the top three largest contributing sectors to the CIT were Manufacturing with 21.31 per cent, Information and Communication with 14.03 per cent, and Financial and Insurance with 12.20 per cent.

The report stated:”On the aggregate, CIT for Q1’22 was reported at N532.48 billion, a growth rate of 53.09 per cent on a QoQ basis from N347.81billion in Q4’21. Local payments recorded were N209.13 billion in Q1’22, while Foreign CIT Payment contributed N323.35 billion.

“On a QoQ basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 60.61 per cent, followed by Education with 39.8 per cent, and Construction with 38.9 per 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 -79.9 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.”