WorldStage Newsonline– Nigeria’s National Bureau of Statistics (NBS) declared in its Company Income Tax (CIT) Q3 2023 report released in Abuja on Monday that companies paid N1.75 trillion as taxes in the third quarter of 2023, a growth rate of 14.27 per cent on a quarter-on-quarter basis compared to the N1.53 trillion CIT paid in the second quarter of 2023.
The report also said the aggregate Value Added Tax (VAT) stood at N948.07 billion in Q3 2023, a growth rate of 21.34 per cent on a quarter-on-quarter basis from N781.35 billion in Q2 2023.
On a year-on-year basis, the CIT collections in the third quarter of 2023 increased by 115.9 per cent compared to what obtained in the corresponding period of 2022.
The report explained that local payments received were N651.63 billion, while foreign CIT payment contributed N1.10 trillion in the third quarter of 2023.
It explained also that on a quarter-on-quarter basis, the Education sector recorded the highest growth rate at 59.6 per cent, followed by public administration and defence, compulsory social security at 57.04 per cent.
“On the other hand, activities of households as employers, undifferentiated goods-and-services-producing activities of households for own use had the lowest growth rate at minus 74.34 per cent.
“This was followed by water supply, sewerage, waste management and remediation activities at minus 73.25 per cent,’’ it stated.
In terms of sectorial contributions, the report showed that largest shares in Q3 2023 were ICT at 26.18 per cent, manufacturing at 23.9 per cent and mining and quarrying at 11.86 per cent.
The NBS stated that on the other hand, activities of households as employers, undifferentiated goods-and services-producing activities of households for own use recorded the least share at 0.0 per cent.
“This was followed by water supply, sewerage, waste management, and remediation activities at 0.04 per cent and activities of extraterritorial organisations and bodies at 0.10 per cent,’’ it added.
VAT
The VAT Q3 2023 Report said local payments recorded were N522.08 billion, while foreign VAT payments contributed N204.58 billion, and import VAT contributed N221.41 billion in Q3 2023.
The report said on a quarter-on-quarter basis, agriculture, forestry and fishing recorded the highest growth rate with 91.87 per cent.
“This was followed by activities of extraterritorial organisations and bodies with 80.25 per cent.”
“On the other hand, real estate had the lowest growth rate with –37.68 per cent , followed by construction with – 9.54 per cent.”
In terms of sectoral contributions, the report showed the top three largest shares in Q3 2023 were manufacturing with 26.51 per cent, information and communication with 19.04 per cent, and financial and insurance activities with 12.31 per cent.
“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02 per cent.
“This was followed by water supply, sewerage, waste management, and remediation activities with 0.06 per cent.
“This was closely followed by activities of extraterritorial organisations and bodies with 0.10 per cent.”
The report, however, said on a year-on-year basis, VAT collections in Q3 2023 increased by 51.60 per cent from Q3 2022.
