Friday, September 30, 2022

Companies paid N714 billion in taxes in Q2 2022: NBS

The report said the value recorded for Q2 2022 indicated a growth rate of 29.53 per cent on a quarter-on-quarter basis.

• September 9, 2022
Buhari
President Muhammadu Buhari

A new report by the National Bureau of Statistics (NBS) has shown that the aggregate Company Income Tax (CIT) for the second quarter of 2022 stood at N714.40 billion 

This is contained in the CIT Report for Q2 2022 released by the NBS in Abuja on Friday.

The report said the value recorded for Q2 2022 indicated a growth rate of 29.53 per cent on a quarter-on-quarter basis from N551.53 billion in Q1 2022.

According to the report, on a year-on-year basis, CIT collections in Q2 2022 increased by 51.34 per cent from Q2 2021.

The report showed that local payments received were N634.01 billion, while Foreign CIT payments contributed N80.39 billion in Q2 2022.

The report said on a quarter-on-quarter basis, the activities of accommodation and food services recorded the highest growth rate with 481.93 per cent.

“This was followed by information and communication with 430.67 per cent, and transportation and storage with 339.08 per cent,” the report said.

It said, on the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with -42.59 per cent.

This was followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with -31.80 per cent.

In terms of sectoral contributions, the report said the top three largest shares in Q2 2022 were manufacturing with 27.55 per cent; information and communication with 24.56 per cent and financial and insurance with 14.98 per cent.

On the other hand, the activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share with 0.004 per cent

“This was followed by activities of extraterritorial organisations and bodies with 0.07 per cent; and water supply, sewerage, waste management and remediation activities with 0.12 per cent,” it added.

CIT is a tax on the profits of incorporated entities in Nigeria, including taxes on the profits of non-resident companies carrying on business in Nigeria.

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Adegboyega-Oyetola

States

Court nullifies Oyetola’s nomination as APC Osun guber candidate

The court said the decision to forward the names of Mr Oyetola and his deputy governorship candidate amounted to a nullity in law.

Peter Obi

Politics

2023: Peter Obi announces campaign website, calls for donations

The Labour Party presidential flagbearer announced a website for donations collection for his presidential bid in a tweet on Friday.

Colonel Paul-Henri Sandaogo Damiba

Africa

Army captain announces overthrow of Burkina Faso’s military government

This is the second coup witnessed by the African country since January of this year.

Enugu

Enugu govt to execute road repairs in dry season: Commissioner

Traffic would be obstructed on major arterial and connecting roads in the affected areas, especially in Enugu metropolis.

Naira and Dollars

Economy

I&E Window: Naira constant, exchanges at 437.03 to dollar

An exchange rate of N441 to the dollar was the highest rate recorded within the day’s trading before it settled at N437.03.

Lagos

LWC urges security agencies to arrest water pipe vandals

Management of the Lagos Water Corporation has appealed to security agencies to help in recovering the stolen pipes.