From the figures made available by the National Bureau of Statistics (NBS), Nigeria’s company income taxes dropped to N753.88 billion in Q4 2022. According to the report, it was recorded that, the total company income taxes (CIT) generated in Nigeria witnessed a negative outcome by -6.95% to N753.88 billion in Q4 2022 from N810,19 billion in 03 2022.
However, NBS also authoritatively stated that the total local CIT received during the period stood at N353 90 billion, while foreign CIT payment contributed N399.98 billion in Q4 2022. This also indicated that the top three largest contributors in 04 2022 were manufacturing which stood at 31.20%, financial & insurance activities at 12.96% and information and communication activities at 12.77%. This result, it explained, is an indicator that information and communication had the lowest growth rate with 65.75% followed by Arts, entertainment and recreation activities with -64.09%.
“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 totality, 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, while noting that the sum of 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.
(Punch)