Tag
CIT
The federal government’s Company Income Tax (CIT) collection in the second quarter of 2024 rose by 150.83% to N2.47 trillion.
A review of the recently released Company Income Tax (CIT) report for the first quarter of 2024 reveals that income tax payment by companies in manufacturing, agriculture and 12 others declined by a minimum of 16%.
Nigeria has witnessed a significant surge in tax earnings from foreign firms, with figures nearly doubling in the span of one year. This significant fiscal boost is likely due to the weakening of the naira, which has increased the local currency's value of foreign transactions for Non-Import (foreign) Value Added Tax (VAT) and Foreign Company Income Tax (CIT) payments.
Nigerian companies are stepping up their contributions to the national purse despite challenges in the business environment.
Nigeria’s Company Income Tax (CIT) collections rose by 73.14%, reaching N4.9 trillion in 2023, up from N2.83 trillion recorded in the previous year, according to data from the National Bureau of Statistics (NBS) unveiled these figures.
The Federation Account Allocation Committee (FAAC) says it shared N906.96 billion among the three tiers of government for October 2023.
In the second quarter of 2023, Company Income Tax (CIT) reported robust performance, posting a total collection of N1.53 trillion.
Nigeria’s Federal Inland Revenue Service, FIRS, announced that it has extended the due date for submission of Companies' Income Tax for the 2023 year of Assessment.
Nigeria’s Company Income Tax for Q2 2022 was reported at N714.40 billion, indicating a growth rate of 29.53% on a quarter-on-quarter basis.
The FIRS on behalf of the federal government of Nigeria generated a sum of N532.48 billion from Company Income Tax (CIT) in the first quarter of 2022
The gross CIT collected in Q4 2021 amounted to N347.81bn, a sharp 26.4% q/q decline compared with N472.52bn in Q3 2021.
Nigeria recorded a sum of N347.81 billion as company income taxes in the fourth quarter of 2021.