Accruals to the Federal Inland Revenue Service (FIRS) from both the Company Income Tax and the Value Added Tax peaked at N1,451,260,000 for the last three months in 2022, surpassing the N1,435,580,000 garnered in the third quarter of the same year by N15,680,000.
Data pooled from the National Bureau of Statistics (NBS) Wednesday show that CIT for the last quarter was N753.88 billion, lower to N810.19 billion raked by the Service between July and September 2022. Equally, the NBS reported N697.38 billion for October to December 2022, a growth rate of 11.51 per cent over N625.39 billion pooled in Q3 2022.
Breakdown of the NBS figure on the aggregate CIT for Q4 2022 that local payments were N353.90 billion, while Foreign CIT Payment contributed N399.98 billion in the review period.
On a quarter-on-quarter basis, the Water supply, sewerage, waste management, and remediation activities recorded the highest growth rate with 57.4 percent, followed by Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 45.19 percent. On the other hand, Information and communication activities had the lowest growth rate with – 65.75 percent, followed by Arts, entertainment, and recreation activities with -64.09 percent.
In terms of sectoral contributions, the top three largest shares in Q4 2022 were Manufacturing with 31.20 percent; Financial & insurance activities with 12.96 percent, and Information and communication activities with 12.77 percent. Conversely, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 percent, followed by Water supply, sewerage, waste management, and remediation activities with 0.12 percent; and Activities of extraterritorial organizations and bodies with 0.14 percent.
Related Posts
However, on a year-on-year basis, CIT collections in Q4 2022 increased by 116.75 percent from Q4 2021.
For Value Added Tax (VAT) pooled in the fourth quarter of 2022, NBS reported that local payments recorded N408.12 billion, while Foreign VAT Payments were N159.83 billion and 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 43.82 percent, followed by Human health and social work activities with 35.82 percent. On the other hand, Agriculture, forestry, and fishing had the lowest growth rate with –30.12 percent, followed by Activities of extraterritorial organizations and bodies with –19.81 percent.
In terms of sectoral contributions, the top three largest shares in Q4 2022 were Manufacturing with 32.17 percent; Information and communication with 18.05 percent; and Public administration and defence, compulsory social security with 9.87 percent.
Conversely, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 percent, followed by activities of extraterritorial organizations and bodies with 0.05 percent; and Water supply, sewerage, waste management, and remediation activities with 0.07 percent.
However, on a year-on-year basis, VAT collections in Q4 2022 increased by 23.71 percent from Q4 2021.
Comments are closed.