The National Bureau of Statistics has reported that the aggregate Company Income Tax (CIT) for Q2 2023 was N1.53 trillion, indicating a growth rate of 226.40% on a quarter-on-quarter basis from N469.01 billion in Q1 2023.
Year on year, CIT collections in Q2 2023 increased by 114.28% from Q2 2022.
According to NBS, local payments received were N1.02 trillion, while Foreign CIT Payment contributed N505.91 billion in Q2 2023.
On a quarter-on-quarter basis, water supply, sewerage, waste management, and remediation activities recorded the highest growth rate with 626.52%, followed by accommodation and food service activities with 585.11%.
Education had the lowest growth rate with – 15.48%, followed by public administration and defence, compulsory social security with 25.46%.
In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 25.63%; financial and insurance activities with 24.47%; and information and communication with 20.30%.
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 activities of extraterritorial organizations and bodies with 0.06%; and water supply, sewerage, waste management, and remediation activities with 0.09%.
Source: Company Income Tax hits N1.53tn in Q2 2023- NBS – StocksWatch (stocksng.com)
