Q3 2022: Company Income Tax Rises To N810 Billion

The National Bureau of Statistics (NBS) on Monday disclosed that the Federal Government has collected a total sum of N810.19 billion as Company Income Tax (CIT) for the third quarter (Q3) of 2022.

This represents a growth rate of 13.41% on a quarter-on-quarter basis when compared to the N714.40 billion that was collected in the second quarter (Q2) of 2022.

The NBS in the report stated that the local payments received were N483.17 billion, while Foreign CIT Payment contributed N327.02 billion in the third quarter of 2022.

"On the aggregate, Company Income Tax (CIT) for Q3 2022 was reported at N810.19 billion, indicating a growth rate of 13.41% 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, Arts, entertainment, and recreation activities recorded the highest growth rate with 93.33%, followed by Agriculture, forestry, and fishing with 75.38%.

"On the other hand, Accommodation and food service activities had the lowest growth rate with – 64.81%, followed by Water supply, sewerage, waste management, and remediation activities with -64.75%."