Nigeria’s aggregate Company Income Tax (CIT) has more than doubled in the second quarter of 2023 to N1.53 trillion from N469.01 billion recorded in the first quarter of 2023. On a year-on-year basis, CIT collections in the second quarter of 2023 increased by 114.28 percent. However, education had the lowest growth rate with – 15.48 percent, followed by public administration and defence, and compulsory social security with 25.46 percent.
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In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 25.63 percent; financial and insurance activities with 24.47 percent; and information and communication with 20.30 percent. However, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01percent, followed by activities of extraterritorial organisations and bodies with 0.06percent; and water supply, sewerage, waste management, and remediation activities with 0.09percent.
Local payments received were N1.02 trillion, while Foreign CIT Payment contributed N505.91 billion in the second quarter of 2023.
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