In the second quarter (Q2) of 2023, the Federal Government realised N1.53 trillion from company income tax (CIT), indicating a growth rate of 226.4 per cent from N469.01 billion it realised in the first quarter.
This came as revenue from value-added tax (VAT) for Q2 rose from N709.59 billion in the first quarter to N781.35 billion, showing a growth rate of 10.11 per cent.
The information is contained in data released by the National Bureau of Statistics (NBS) yesterday. According to the report, local CIT payments received were N1.02 trillion, while foreign CIT payments stood at N505.91 billion during the period.
On a quarter-on-quarter basis, water supply, sewerage, waste management and remediation activities recorded the highest CIT growth rate with 626.52 per cent, followed by accommodation and food service activities with 585.11 per cent.
On the other hand, the NBS said education had the lowest growth rate at – 15.48 per cent, followed by public administration and defence and compulsory social security with 25.46 per cent.
In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 25.63 per cent, financial and insurance activities with 24.47 per cent and information and communication with 20.3 per cent.
However, 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 activities of extraterritorial organisations and bodies with 0.06 per cent and water supply, sewerage, waste management and remediation activities with 0.09 per cent.
On a year-on-year basis, CIT collections in Q2 increased by 114.28 per cent.
