Company Income Tax collections in the first quarter of 2023 in Nigeria decreased by 14.96 percent from Q1, 2022, on a year-on-year basis, the National Bureau of Statistics has said.
Company Income Tax (CIT) for first quarter of 2023 was reported at N469.01 billion, indicating a growth rate of -37.79% on a quarter-on-quarter basis from N753.88 billion in Q4 2022, the NBS said.
In its Company Income Tax Report Q1, 2023, the NBS said local payments received was N300.78 billion, while Foreign CIT Payment contributed N168.23 billion in Q1 2023.
It added that on a quarter-on-quarter basis, the financial and insurance activities recorded the highest growth rate with 50.42%, followed by construction with 42.32%.
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On the other hand, water supply, sewerage, waste management, and remediation activities had the lowest growth rate with – 69.38%, followed by other service activities with -60.13%.
“In terms of sectoral contributions, the top three largest shares in Q1 2023 were financial & insurance activities with 22.94%; manufacturing with 20.91%; and information and communication with 11.89%.
“Conversely, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01%, followed by water supply, sewerage, waste management, and remediation activities with 0.04%; and activities of extraterritorial organisations and bodies with 0.12%.”
