BY BAMIDELE FAMOOFO
On the aggregate, Company Income Tax for Q2 2022 was reported at N714.40 billion, indicating a growth rate of 29.53 percent on a quarter-on-quarter basis from N551.53 billion in Q1 2022.
Local payments received were N634.01 billion, while Foreign CIT payment contributed N80.39 billion in Q2 2022. On a quarter-on-quarter basis, the Activities of accommodation & food services recorded the highest growth rate with 481.93 percent, followed by Information & communication with 430.67 percent, and Transportation & storage with 339.08 percent.
On the other hand, Activities of extraterritorial organizations & bodies had the lowest growth rate with – 42.59 percent, followed by Activities of households as employers, undifferentiated goods and services-producing activities of households for own use with -31.80 percent.
In terms of sectoral contributions, the top three largest shares in Q2 2022 were Manufacturing with 27.55 percent; Information & communication with 24.56 percent, and Financial & insurance with 14.98 percent. Conversely, the Activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share with 0.004 percent, followed by Activities of extraterritorial organizations & bodies with 0.07 percent; and Water supply, sewerage, waste management & remediation activities with 0.12 percent. However, on a year-on-year basis, CIT collections in Q2 2022 increased by 51.34 percent from Q2 2021.