Company Income Tax (CIT) for the second quarter of 2024 increased to N2.47tr, a report by the National Bureau of Statistics has shown.
The report stated that the growth rate was 150.83% when compared to the N984.61bn in Q1 2024.
It stated that local payments received were N1.35tr, while Foreign CIT payment contributed N1.12tr in Q2 2024.
“On a quarter-on-quarter basis agriculture, forestry and fishing recorded the highest growth rate with 474.50%, followed by financial and insurance activities and manufacturing with 429.76% and 414.15 respectively.”
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It said activities of households as employers, undifferentiated goods and services producing activities of households for own use had the lowest growth rate with –30.22% followed by activities of extraterritorial organisations and bodies with –15.67%.
Meanwhile, the report said Value Added Tax (VAT) for Q2 was reported at N1.56tr, a growth rate of 9.11% on a quarter-on-quarter basis from N1.43tr in Q1 2024.
It said local payments recorded were N792.58bn, foreign VAT payments were N395.74bn, while import VAT contributed N372.95bn in Q2 2024.
“On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 98.44%, followed by agriculture, forestry and fishing with 70.26% and Water supply, sewerage, waste management and remediation activities with 59.75%.
“On the other hand, activities of households as employers, undifferentiated goods and services producing activities of households for own use had the lowest growth rate with –46.84%, followed by Real estate activities with –42.59%.”
“In terms of sectoral contributions, the top three largest shares in Q2 2024 were manufacturing with 11.78%; information and communication with 9.02%; and Mining and quarrying with 8.79%.”
It said activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by Activities of extraterritorial organizations and bodies with 0.01%; and Water supply, sewerage, waste management and remediation activities with and real estate services 0.04% each.
It noted that on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82% from Q2 2023.
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