Adedapo Adesanya
By Adedapo Adesanya
Company Income Tax (CIT) for Q4 2022 in Nigeria depreciated by 6.9 per cent to N753.88 billion from the N810.19 billion reported in Q3 2022.
The Company Income Tax breakdown for Q4 2022 provided by the National Bureau of Statistics (NBS) showed that local payments received stood at N353.90 billion, while Foreign CIT payments contributed N399.98 billion.
On a quarter-on-quarter basis, the water supply, sewerage, waste management, and remediation activities recorded the highest growth rate with 57.4 per cent, followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 45.2 per cent.
On the other hand, information and communication activities had the lowest growth rate, with -65.8 per cent, followed by Arts, entertainment and recreation activities, with -64.1 per cent.
In terms of sectoral contributions, the top three largest shares in Q4 2022 were manufacturing with 31.2 per cent, financial & insurance activities with 12.9 per cent and information and communication activities with 12.8 per cent.
On the flip side, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 per cent, followed by water supply, sewerage, waste management, and remediation activities with 0.12 per cent, and activities of extraterritorial organizations and bodies with 0.14 per cent.
However, on a year-on-year basis, CIT collections in Q4 2022 increased by 116.8 per cent from Q4 2021.
In a related development, the Value Added Tax (VAT) for the quarter under review was N697.38 billion, 11.5 per cent higher than N625.39 billion in Q3 2022.
Local payments recorded were N408.12 billion, Foreign VAT Payments were N159.83 billion, while import VAT contributed N129.43 billion in Q4 2022.
On a quarter-on-quarter basis, the arts, entertainment, and recreation activities recorded the highest growth rate with 43.8 per cent, followed by human health and social work activities with 35.8 per cent.
On the other hand, agriculture, forestry and fishing had the lowest growth rate with -30.1 per cent, followed by activities of extraterritorial organizations and bodies with -19.8 per cent.
In terms of sectoral contributions, the top three largest shares in Q4 2022 were manufacturing with 32.2 per cent; information and communication with 18.1 per cent; and Public administration and defence, compulsory social security with 9.9 per cent.
Conversely, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 per cent, followed by activities of extraterritorial organizations and bodies with 0.05 per cent; and Water supply, sewerage, waste management, and remediation activities with 0.07 per cent.
However, on a year-on-year basis, VAT collections in Q4 2022 increased by 23.7 per cent from Q4 2021.
