FG earns N532bn from company tax in Q1 2022 – NBS

The Federal Government earned a total sum of N532.4bn as tax from companies in Q1, 2022, the National Bureau of Statistics, NBS has said.

The bureau disclosed this in its quarterly tax report released on its website on Thursday.

It said Nigerian companies across the country both local and foreign-owned remitted a total of N532.48 billion in tax to the Federation Account in the first quarter of 2022.

According to NBS, the money which was collected by the Federal Inland Revenue Service (FIRS) on behalf of the federal government was an increase of 35.6 per cent compared to N392.65 billion in Q1 2021, DailyTimes gathered.

When compared to the last quarter of 2021, company income tax revenue increased by 53.1% compared to N347.81 billion recorded in Q4 2021.

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Company Income Tax (CIT) for Q1 2022 was reported at N532.48 billion, a growth rate of 53.09% on a quarter-on-quarter basis from N347.81billion in Q4 2021.

The report further indicated that the CIT payments for Q1, 2022 showed that Local companies paid N209.13 billion, while Foreign CIT Payment contributed N323.35 billion.

In terms of sectoral contributions, the manufacturing sector topped the list of sectors with the highest CIT remittance in Q1 2022 with N44.56 billion, followed by the ICT sector with N29.35 billion.

The financial and insurance sector remitted a sum of N25.51 billion as company income tax.

Fourth on the list was the mining and quarrying sector with N24.38 billion, public administration and defence, compulsory social security remitted N21.66 billion, while other service sectors remitted N14.92 billion.

Also on the list include wholesale and retail trade (N8.29 billion), transportation and storage (N7.96 billion), construction (N7.48 billion), and education (N5.244 billion)

Others include wholesale and retail trade (N8.29 billion), transportation and storage (N7.96 billion), construction (N7.48 billion), and education (N5.24 billion.