Company Income Tax Rises By 53 Percent In Q1 2022 – NBS

The National Bureau of Statistics, NBS, said it recorded over 53 percent growth in the 2022 first quarter report on Company Income Tax compared to last year’s figures.

It said about N532.48 billion in the Company Income Tax, CIT, was realized in first quarter of 2022 (Q1’22) compared to N347.8 billion in Q1’21.

NBS noted this in its CIT report for Q4’21 released today, where it showed the top three largest shares in Q1’22 were Manufacturing with 21.31 per cent, Information and communication with 14.03 per cent, and Financial and insurance with 12.20 per cent .

The report stated: ”On the aggregate, CIT for Q1’22 was reported at N532.48 billion, a growth rate of 53.09 per cent on a QoQ basis from N347.81billion in Q4’21.”

“Local payments recorded were N209.13 billion in Q1’22, while Foreign CIT Payment contributed N323.35 billion.

“On a QoQ basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 60.61 per cent, followed by Education with 39.8 per cent, and Construction with 38.9 per cent .

“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with 79.9 per cent, followed by accommodation and food service activities with -51.07 per cent .

” In terms of sectoral contributions, the top three largest shares in Q1 2022 were Manufacturing with 21.31 per cent, Information and communication with 14.03 per cent, and Financial and insurance with 12.20 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 0.02 per cent, followed by activities of Water supply, sewerage, waste management and remediation with 0.19 per cent, and activities of extraterritorial organizations and bodies with 0.34 per cent .

“However, on a year-on-year basis, CIT collections in Q1’22 increased by 35.61 per cent from Q1’21.”