• About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, September 7, 2025
  • Login
  • Cover
  • News
  • Politics
  • Business
  • Security
  • Entertainment
  • World
  • Sports
  • Editorial
  • Interview
No Result
View All Result
Newsdesk Africa
Advertisement
  • Cover
  • News
  • Politics
  • Business
  • Security
  • Entertainment
  • World
  • Sports
  • Editorial
  • Interview
No Result
View All Result
Newsdesk Africa
No Result
View All Result
Home Business

Company income tax (CIT) increased in Q1 2022 to N532.48bn

Aminu Danladi by Aminu Danladi
May 31, 2022
in Business
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Data from the National Bureau of Statistics (NBS) suggests that it grew by 53.09 percent on a quarter-on-quarter basis from N347.81billion recorded in Q4 2021 and 35.61 percent on a year-on-year basis from 392.65 billion recorded in Q1 2021.

By disaggregating company income tax (CIT) revenue into foreign CIT and local payments, in Q1 2022, the local payment was N209.13 billion.

It constitutes about 39.27 percent of total CIT, which is qualitatively similar to 38.79 percent recorded in Q1 2021 but lower than 88.49 percent recorded in Q2 2021, 57.13 percent in Q3 2021, and 74.42 percent in Q4 2021.

The distribution of CIT between local and foreign CIT payments reflects the quarter that local organisations are more likely to remit their CIT payments relative to foreign organisations.

Furthermore, the data shows that Manufacturing, Information and Communication, and Financial and insurance sectors are the top three contributing sectors to the local CIT payments.

The three sectors contributed about 47.5 percent of local CIT payments in the period under review.

The increment in CIT might be partly due to the implementation of TaxPro Max, a digital tool developed by the Federal Inland Revenue Services (FIRS) to make tax filing and payment convenient.

The digitisation of tax payments reduces revenue leakages and eliminates challenges associated with cash payments.

The current level of digital tools in tax payment is far from the desired level; hence, the government needs to intensify efforts to increase awareness about the TaxPro Max, which is the FIRS digital tax payment platform.

Previous Post

APC convention: Buhari tells Govs to ‘converge’ interests

Next Post

Nigeria records increases in cashless transactions

Next Post

Nigeria records increases in cashless transactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

https://youtu.be/FHyJ1Wr0FAk?si=0WVYI_2OR4OrIrQ4
https://youtu.be/gbE3azm_Io0?si=GdE3Mqelo1ujTNla
Condolence: Akagburuonye visits Alhaji Audu’s family
News

Condolence: Akagburuonye visits Alhaji Audu’s family

by Newsdesk Africa
September 6, 2025
0

… describes the deceased as a good and forthright man BY SAM OTUONYE Chief Barr. Success Akagburuonye on Friday, described...

Read moreDetails
CAN refutes el-Rufai’s claim of only 25% Christian population in Kaduna

S’East lagging behind – el-Rufai charges Ndigbo ahead 2027

September 6, 2025
Obi: Facts vs lies

Peter Obi announces break from public engagements over health issue

September 6, 2025
Cash, Lies and Lithium: Inside Colin Ikin’s alleged exploitation of Nigeria’s mining communities

Cash, Lies and Lithium: Inside Colin Ikin’s alleged exploitation of Nigeria’s mining communities

September 6, 2025
Gunmen kill 8 NSCDC personnel, abduct Chinese expatriate in Edo

Gunmen kill 8 NSCDC personnel, abduct Chinese expatriate in Edo

September 6, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

Copyright© 2022-2025 Newsdesk Africa Published by Glossy Affairs Ltd. Tel: +2348152359152. Email: info@newsdeskafrica.com.ng editor@newsdeskafrica.com.ng

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Homepage

Copyright© 2022-2025 Newsdesk Africa Published by Glossy Affairs Ltd. Tel: +2348152359152. Email: info@newsdeskafrica.com.ng editor@newsdeskafrica.com.ng