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CIT Boosts by 13.41%, Manufacturing Contributes Highest

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CIT

CEM REPORT, FINANCE | Collected Company Income Tax (CIT) for Q3 2022 by the Federal Inland Revenue Services (FIRS) stool at N810.19 billion, representing a growth rate of 13.41 per cent quarter-on-quarter (QoQ) from N714.40 billion in Q2 2022.

According to the National Bureau of Statistics (NBS), on a quarter-on-quarter basis, the arts, entertainment and recreation activities recorded the highest growth rate with 93.33 per cent, followed by agriculture, forestry, and fishing with 75.38 per cent.

While, accommodation and food service activities had the lowest growth rate at 64.81 per cent. This was followed by water supply, sewerage, waste management, and remediation activities at -64.75 per cent.

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In terms of sectoral contributions, the manufacturing sector, contributed 28.76 per cent, followed by the ICT sector, which contributed 27.31 per cent, while the financial services sector ranked third at 8.81 per cent contribution.

The report further stated that local payments received were N483.17 billion, while foreign CIT payment contributed N327.02 billion in Q3 2022.

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The Federal Inland Revenue Services (FIRS) recorded a rise in the tax collection in the ICT sector soared Year-on-Year (YoY) by 147.30 percent in the corresponding quarter, 2022 (Q3’22).

However, quarter on quarter comparison, tax collection fell by 15.26 per cent from N155.74 billion.

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