Tectono Business Review: THE PROJECTION FOR Q3 COMPANY INCOME TAX (CIT) HAS SURGED FURTHER, WITH Q2 ESTIMATING A 29.53% INCREASE IN 2022

Monday 26 September 2022

THE PROJECTION FOR Q3 COMPANY INCOME TAX (CIT) HAS SURGED FURTHER, WITH Q2 ESTIMATING A 29.53% INCREASE IN 2022

According to a survey carried out by the National Bureau of Statistics (NBS) for Company Income Tax (CIT) at the end of the second quarter of 2022 in Nigeria, at the end of Q2 2022, the CIT has been shared amongst 21 industries or activities (locally) which earned N634.0bn, and foreign income payment earned N80.4bn which summed up to a total CIT of N714.4bn. On a quarterly basis, the local CIT payment grew to 203.2% from N209.1bn in Q1 2022, meanwhile the foreign CIT payment amounted to N80.4bn, declining by 76.5% from N342.4bn in Q1 2022. The total CIT payment in Nigeria increased by 29.5% to N714.4bn from N551.5bn in the previous quarter.

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Monday 26 September 2022

THE PROJECTION FOR Q3 COMPANY INCOME TAX (CIT) HAS SURGED FURTHER, WITH Q2 ESTIMATING A 29.53% INCREASE IN 2022

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