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Nigeria earns N532.5 bln from company income tax in Q1 2022, 53% more than Q4 2021 ~NBS

By Samuel Bankole

Nigeria earned a total of N532.48 billion from company income tax in the first quarter of 2022, 53.09 per cent better than the amount collected in the previous quarter, the National Bureau of Statistics (NBS) said on Thursday.

The country’s tax authority had collected a total of N347.81 billion in company income tax in the fourth quarter of last year, the report stated.

According to the report, a total of N209.13 billion was collected from local firms while foreign CIT amounted to N323.35 billion during the period.

“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 38.98 per cent.

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“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,” the report stated.

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.

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