FG Generates N532bn from Company Income Tax In 3 Months – NBS

The National Bureau of Statistics tax report has revealed that the federal government generated a sum of N532.48 billion from Company Income Tax (CIT) in the first quarter of 2022.

The report shows that the amount generated in the first quarter of 2022, is an increase of 35.6% compared to N392.65 recorded in Q1, 2021.

This was stated in a recent Company Income Tax report published on its website.

Also Read: FG: Tax exemptions, Incentives Fail To Stimulate Remittances, Growth

According to the report, NBS noted that Nigeria generated a total of N209.13 billion from local companies, which is 19.2% lower than the N259.85 billion generated in the previous quarter. However, it is 37.3% higher than the N152.33 billion recorded in Q1 2021.

Also, foreign CIT payment for the period under review was N323.35 billion, 263.5% and 75.3% higher than N88.96 billion and N184.47 billion recorded in Q4 and Q1 2021 respectively, while the FIRS recorded no revenue from other payments.

The manufacturing sector topped the list of sectors with the highest CIT remittance in Q1 2022 with N44.56 billion, followed by the ICT sector with N29.35 billion. The financial and insurance sector remitted a sum of N25.51 billion as company income tax.

Fourth on the list was the mining and quarrying sector with N24.38 billion, public administration and defence, compulsory social security remitted N21.66 billion, while other service sector remitted N14.92 billion.

Also on the list are wholesale and retail trade (N8.29 billion), transportation, and storage.

Additionally,  the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02%, followed by Activities of Water supply, sewerage, waste management and remediation with 0.19%, and Activities of extraterritorial organizations and bodies with 0.34%.