Nigeria rakes in $714 billion in corporate tax revenue
A total of N714.4 billion was generated from Corporate Income Tax (IRS) in the second quarter of 2022, an increase of 29.53% from the N551.53 billion generated during of the first three months of the year. Most revenue came from manufacturing, financial services and information technology businesses.
Data released by the National Bureau of Statistics (NBS) showed that local CIT payments totaled N634.01 billion while foreign CIT payments contributed N80.39 billion in the second quarter of 2022. The manufacturing sector made the largest contribution to the CIT with N174.68 billion accounting for 27.55% of the total figure.
This was followed by information and communication which contributed N155.737 billion or 24.56% of the total figure, while financial and insurance companies accounted for 14.98% with N94.98 billion. of naira.
In terms of sectoral contributions, activities of households as employers, undifferentiated activities of production of goods and services of households for their own use recorded the lowest share with 0.004%, followed by activities of organizations and bodies extraterritorial with 0.07%; and water supply, sewerage, waste management and sanitation activities with 0.12%.
Capital inflow to Nigeria hits $1.535 billion in Q2 – NBS
On a quarterly basis, accommodation and catering business recorded the highest growth rate at 481.93% with a contribution of N6.256 billion to the CIT pool, followed by information and communication with 430. .67% and transport and storage. with 339.08 percent.
On the other hand, the activities of extraterritorial organizations and bodies recorded the lowest growth rate with -42.59%, followed by the activities of households as employers, undifferentiated activities of production of goods and services of households for their own use with -31.80%. However, on an annual basis, CIT collections in the second quarter of 2022 increased by 51.34% compared to the second quarter of 2021.