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COMPANY INCOME TAX
Company Income Tax (CIT) in Nigeria declined by 37.79% in Q1 2023, from N753.88 billion in Q4 2022 to N469.01 billion.
The Federal Government has collected a total sum of N810.19 billion as Company Income Tax (CIT) for the third quarter (Q3) of 2022.
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.
It's the season of giving. In Financial planning, there is a concept known as the chronological financial lifecycle....
The increase in CIT revenue was largely driven by foreign CIT payment (up 44.8% y/y to N184.6 billion).
Total company income tax generated increased by 3.48% in Q3 2020, compared to N402.03 billion recorded in Q2 2020.
The total tax collection in the second quarter of 2020 increased by 8.2%
The new Finance Bill will ensure the exemption of small businesses with an annual turnover of less than N25 million from Company Income Tax.