Business

NBS: Companies income tax for Q4 2022 stood at N753.88bn

The National Bureau of Statistics (NBS) says the aggregate Company Income Tax (CIT) stood at N753.88 billion in Q4 2022.

The NBS disclosed this via the Company Income Tax (CIT) Q4 2022 Report released on Wednesday.

It stated that the CTI showed a growth rate of -6.95 per cent on a quarter-on-quarter basis from N810.19 billion in Q3 2022.

The NBS said local payments received were N353.90 billion, while foreign CIT payments contributed N399.98 billion in Q4 2022.

It said on a quarter-on-quarter basis, the water supply, sewage, waste management, and remediation activities recorded the highest growth rate at 57.40 per cent.

“This was followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use at 45.19 per cent.

“On the other hand, information and communication activities had the lowest growth rate with – 65.75 per cent, followed by arts, entertainment and recreation activities at -64.09 per cent,” it added

In terms of sectoral contributions, the NBS stated that the top three largest shares in Q4 2022 were manufacturing at 31.20 per cent, financial and insurance activities at 12.96 per cent and Information and communication activities at 12.77 per cent.

“On the other hand, activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the least share at 0.01 per cent.

“This was followed by water supply, sewage, waste management, and remediation activities at 0.12 per cent, and activities of extra-territorial organisations and bodies at 0.14 per cent,” it said.

The NBS, however, said, on a year-on-year basis, CIT collections in Q4 2022 increased by 116.75 per cent from Q4 2021.

The Star