On the aggregate, Company Income Tax (CIT) for Q4 2022 was reported at N753.88 billion, indicating a growth rate of -6.95% on a quarter-on-quarter basis from N810.19 billion in Q3 2022. Local payments received were N353.90 billion, while Foreign CIT Payment contributed N399.98 billion in Q4 2022. On a quarter-on-quarter basis, the Water supply, sewerage, waste management and remediation activities recorded the highest growth rate with 57.40%, followed by Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 45.19%. On the other hand, Information and communication activities 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%. However, on a year-on-year basis, CIT collections in Q4 2022 increased by 116.75% from Q4 2021.
Data source: National Bureau of Statistics