Tag
COMPANY INCOME TAX
Taxes paid by Nigerians involved in the wholesale and retail trade, as well as the repair of motor vehicles and motorcycles, surged by 49% in the first six months of 2024 compared to the same period last year.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele has stated that the federal government hopes to reduce company income tax in the coming years.
The Nigerian manufacturing sector has witnessed a significant surge in tax contributions, reaching a nine-month high in the second quarter of 2024 despite ongoing economic challenges.
The federal government’s Company Income Tax (CIT) collection in the second quarter of 2024 rose by 150.83% to N2.47 trillion.
The Nigerian National Petroleum Company Limited (NNPCL) has deducted a total of $262.55 million from its remittances to the Federal Inland Revenue Service (FIRS) as part of the Road Infrastructure Tax Credit Scheme (RITCS).
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%.
Company Income Tax (CIT) collection in the first three months declined by 12.87% from N1.13 trillion recorded in Q4, 2023 to N984.61 billion.
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.
Nigeria's economy witnessed a substantial influx of revenue from Value Added Tax and Company Income Tax (CIT) in the fourth quarter of 2023,
Nigeria’s CIT collection increased by 115.90% increase in one year from the N810.19 billion recorded in the Q3 Of 2022.