The total company income taxes (CIT) generated in Nigeria fell by -6.95% to N753.88 billion in Q4 2022 from N810.19 billion in Q3 2022. 

This was disclosed on Wednesday by NBS in its Company Income Tax Q4 2022 report, a copy of which was obtained by Nairametrics.

Local payments received during the period stood at N353.90 billion, while foreign CIT payment contributed N399.98 billion in Q4 2022.  

Highest and lowest sectors: The report revealed that the top three largest contributors in Q4 2022 were manufacturing at 31.20%, financial & insurance activities at 12.96%, and information and communication activities at 12.77%. 

Information and communication activities had the lowest growth rate with – 65.75%, followed by Arts, entertainment and recreation activities with -64.09%. Part of the report said:

  • “In terms of sectoral contributions, the top three largest shares in Q4 2022 were Manufacturing with 31.20%; Financial & insurance activities with 12.96% and Information and communication activities with 12.77%.
    “Conversely, 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 Water supply, sewerage, waste management, and remediation activities with 0.12%; and Activities of extraterritorial organizations and bodies with 0.14%.”  

In case you missed it: The NBS Nigeria generated  a sum of N2.51 trillion as Value Added Tax (VAT) in 2022, marking a 21.2% increase compared to N2.07 trillion recorded in the previous year.

According to report by the National Bureau of Statistics (NBS), N1.48 trillion was generated as local non-import VAT, N510.8 billion was generated as foreign non-import VAT, and Nigeria Custom Service (NCS) remitted N521.5 billion VAT.

Further breakdown of the data showed that the highest VAT was recorded in the fourth quarter at N697.38 billion, followed by N625.39 billion recorded in Q3 2022. Meanwhile, a sum of N600.15 billion was generated in Q2 2022 while N588.59 billion was recorded in the first quarter.