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The Federal Authorities has collected a complete sum of N810.19 billion as Firm Earnings Tax (CIT) for the third quarter (Q3) of 2022.
This represents a development price of 13.41% on a quarter-on-quarter foundation when in comparison with the N714.40 billion that was collected within the second quarter (Q2) of 2022.
This disclosure is contained in a CIT report for the third quarter launched by the Nationwide Bureau of Statistics (NBS) on Monday, December 19, 2023.
the NBS within the report said that the native funds obtained have been N483.17 billion, whereas Overseas CIT Fee contributed N327.02 billion within the third quarter of 2022.
Arts, Leisure data highest development price quarter-on-quarter foundation
- “On the combination, Firm Earnings Tax (CIT) for Q3 2022 was reported at N810.19 billion, indicating a development price of 13.41% on a quarter-on-quarter foundation from N714.40 billion in Q2 2022. Native funds obtained have been N483.17 billion, whereas Overseas CIT Fee contributed N327.02 billion in Q3 2022.
- “On a quarter-on-quarter foundation, Arts, leisure, and recreation actions recorded the best development price with 93.33%, adopted by Agriculture, forestry, and fishing with 75.38%. Alternatively, Lodging and meals service actions had the bottom development price with – 64.81%, adopted by Water provide, sewerage, waste administration, and remediation actions with -64.75%.
Manufacturing data highest sectorial contribution
Beneath sectoral contributions, the highest three largest shares in Q3 2022 have been Manufacturing with 28.76%; Info and communication with 27.31%; and Monetary & insurance coverage with 8.81%.
NBS added that the Actions of households as employers, undifferentiated goods- and services-producing actions of households for personal use recorded the least share with 0.003%, adopted by Water provide, sewerage, waste administration, and remediation actions with 0.05%; and Actions of extra-territorial organizations and our bodies with 0.11%.
It added, “On a year-on-year foundation, CIT collections in Q3 2022 elevated by 71.46% from Q3 2021.”
What you must know
Nigeria’s Firm Earnings Tax (CIT) for Q2 2022 was reported at N714.40 billion.
NBS disclosed that on a quarter-on-quarter foundation, the actions of Lodging & Meals Companies recorded the best development price with 481.93%, adopted by Info & Communication with 430.67%, and Transportation & Storage with 339.08%.
- “Native funds obtained have been N634.01 billion, whereas Overseas CIT fee contributed N80.39 billion in Q2 2022.
- “Alternatively, Actions of extraterritorial organizations & our bodies had the bottom development price with – 42.59%, adopted by Actions of households as employers, undifferentiated items and services-producing actions of households for personal use with -31.80%.
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