MON. 19 DEC, 2022-theGBJournal| Company Income Tax (CIT) for Q3 2022 was reported at N810.19 billion, indicating a growth rate of 13.41% on a quarter-on-quarter basis from N714.40 billion in Q2 2022, according to the latest report by the National Bureau of Statistics (NBS).
According to the report, local payments received were N483.17 billion, while foreign CIT payment contributed N327.02 billion in Q3 2022.
On a quarter-on-quarter basis, the Arts, entertainment, and recreation activities recorded the highest growth rate with 93.33%, followed by Agriculture, forestry, and fishing with 75.38%.
On the other hand, Accommodation and food service activities had the lowest growth rate with – 64.81%, followed by Water supply, sewerage, waste management, and remediation activities with -64.75%.
In terms of sectoral contributions, the top three largest shares in Q3 2022 were Manufacturing with 28.76%; Information and communication with 27.31%; and Financial & insurance with 8.81%.
Conversely, the Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.003%, followed by Water supply, sewerage, waste management, and remediation activities with 0.05%; and Activities of extraterritorial organizations and bodies with 0.11%.
However, on a year-on-year basis, CIT collections in Q3 2022 increased by 71.46% from Q3 2021.
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