Federal Govt Rakes In N810.19bn From Company Tax In Q3

Latest data by the National Bureau of Statistics (NBS) has shown that the Federal Government realised at least N810.19 billion from Company Income Tax (CIT) for Q3 2022, indicating a growth rate of 13.41 per cent on a quarter-on-quarter basis from N714.40 billion in Q2 2022.

Local payments received were N483.17 billion, while foreign CIT payment contributed N327.02 billion in Q3 2022.

On a quarter-on-quarter basis, the Arts, entertainment, and recreation activities recorded the highest growth rate with 93.33 per cent, followed by Agriculture, forestry, and fishing with 75.38 per cent.

On the other hand, accommodation and food service activities had the lowest growth rate with – 64.81 per cent, followed by water supply, sewerage, waste management, and remediation activities with -64.75 per cent.

In terms of sectoral contributions, the top three largest shares in Q3 2022 were Manufacturing with 28.76 percent; Information and communication with 27.31 per cent; and Financial & insurance with 8.81 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 0.003 per cent, followed by water supply, sewerage, waste management, and remediation activities with 0.05 percent; and activities of extra-territorial organisations and bodies with 0.11 per cent.

However, on a year-on-year basis, CIT collections in Q3 2022 increased by 71.46 per cent from Q3 2021.