FRI, 09 SEPT, 2022-theGBJournal| On the aggregate, Company Income Tax (CIT) for Q2 2022 was reported at N714.40 billion, indicating a growth rate of 29.53% on a quarter-on-quarter basis from N551.53 billion in Q1 2022.
The data just published by the National Bureau of Statistics (NBS) shows that local payments received were N634.01 billion, while Foreign CIT payment contributed N80.39 billion in Q2 2022. On a quarter-on-quarter basis, the Activities of accommodation & food services recorded the highest growth rate with 481.93%, followed by Information & communication with 430.67%, and Transportation & storage with 339.08%.
On the other hand, Activities of extraterritorial organizations & bodies had the lowest growth rate with 42.59%, followed by Activities of households as employers, undifferentiated goods and services-producing activities of households for own use with -31.80%.
In terms of sectoral contributions, the top three largest shares in Q2 2022 were Manufacturing with 27.55%; Information & communication with 24.56%, and Financial & insurance with 14.98%.
Conversely, the Activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share with 0.004%, followed by Activities of extraterritorial organizations & bodies with 0.07%; and Water supply, sewerage, waste management & remediation activities with 0.12%. However, on a year-on-year basis, CIT collections in Q2 2022 increased by 51.34% from Q2 2021.
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