Company Income Tax Q2 2023

Executive Summary

On the aggregate, Company Income Tax (CIT) for Q2 2023 was reported at N1.53 trillion, indicating a growth rate of 226.40% on a quarter-on-quarter basis from N469.01 billion in Q1 2023. Local payments received were N1.02 trillion, while Foreign CIT Payment contributed N505.91 billion in Q2 2023. On a quarter-on-quarter basis, water supply, sewerage, waste management, and remediation activities recorded the highest growth rate with 626.52%, followed by accommodation and food service activities with 585.11%. On the other hand, education had the lowest growth rate with – 15.48%, followed by public administration and defence, compulsory social security with 25.46%. In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 25.63%; financial and insurance activities with 24.47%; and information and communication with 20.30%. However, 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 activities of extraterritorial organizations and bodies with 0.06%; and water supply, sewerage, waste management, and remediation activities with 0.09%. In addition, on a year-on-year basis, CIT collections in Q2 2023 increased by 114.28% from Q2 2022. 

Data source: National Bureau of Statistics