Company Income Tax in Nigeria dropped by 35.40 per cent to N1.13 trillion in the fourth quarter of 2023 from N1.75 trillion recorded in Q3.
The National Bureau of Statistics disclosed this in its CIT data for Q4, which was published on Thursday on its website.
The report showed that local payments received were N533.93 billion, while foreign CIT payments contributed N596.10 billion in Q4 2023.
On a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate with 79.65 per cent, followed by construction with 57.86 per cent. On the other hand, activities of information and communication – 69.44 per cent, public administration and defence, and compulsory social security – 23.75 per cent had the lowest growth rate.
In sectoral contributions, the top three most significant shares in Q4 2024 were manufacturing 12.84 per cent, financial and insurance activities 6.25 per cent, and mining and quarrying 5.90 per cent.
In the meantime, activities of households as employers, undifferentiated goods and services producing activities of households for own use 0.00 per cent, water supply, sewerage, waste management and remediation activities 0.02 per cent, and activities of extraterritorial organizations and bodies 0.07 per cent.
Company Income Tax drops by 35% in Q4 2023
