Company tax for Q1 2024 stands at N984.61bn- NBS

The nation’s aggregate Company Income Tax (CIT) for Q1 2024, is reported to be N984.61 billion, the National Bureau of Statistics (NBS) says.

The figure is contained in the NBS Company Income Tax (CIT) Q1 2024 Report released in Abuja on Tuesday.

According to the report, the figure shows a growth rate of -12.87 per cent on a quarter-on-quarter basis from N1.13 trillion recorded in Q4 2023.

The report said local payments received were N386.49 billion, while foreign CIT payment contributed N598.13 billion in Q1 2024.

It said on a quarter-on-quarter basis, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate with 330.42 per cent.

The report said this was followed by administrative and support service activities with 33.18 per cent.

“On the other hand, activities of manufacturing had the lowest growth rate with –70.24 per cent, followed by electricity, gas, steam and air conditioning supply with –69.14 per cent.”

In terms of sectoral contributions, the report showed that the top three largest shares in Q1 2024 were mining and quarrying with 20.94 per cent.

“This was followed by financial and insurance activities with 18.73 per cent and information and communication with 12.56 per cent.”

It said on the other hand, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02 per cent.

“This was followed by water supply, sewerage, waste management, and remediation activities with 0.07 per cent and activities of extraterritorial organisations and bodies with 0.24 per cent.”

The report, however, said, on a year-on-year basis, CIT collections in Q1 2024 increased by 109.93 per cent from Q1 2023.