Revenue accruing to the federal government from Company Income Tax (CIT) in the second quarter ( Q2) 2023 was reported at N1.53 trillion, indicating a growth rate of 226.40 percent on a quarter-on-quarter basis from N469.01 billion in Q1 2023.
This is even as the revenue from Value Added Tax (VAT) for Q2 2023 rose from N709.59 billion in the first quarter 2023 to N781.35 billion, showing a growth rate of 10.11 percent.
These are contained in the National Bureau of Statistics (NBS) report released on Monday.
According to the report, local payments received were N1.02 trillion, while Foreign CIT Payment contributed N505.91 billion during the period.
The report further said that on a quarter-on-quarter basis, water supply, sewerage, waste management, and remediation activities recorded the highest growth rate with 626.52 percent, followed by accommodation and food service activities with 585.11 percent.
On the other hand, the NBS said education had the lowest growth rate with – 15.48 percent, followed by public administration and defence, compulsory social security with 25.46 percent.
In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 25.63 percent; financial and insurance activities with 24.47 percent; and information and communication with 20.30 percent.
However, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 percent, followed by activities of extraterritorial organizations and bodies with 0.06 percent; and water supply, sewerage, waste management, and remediation activities with 0.09 percent. In addition, on a year-on-year basis, CIT collections in Q2 2023 increased by 114.28 percent from Q2 2022.
Meanwhile, Value Added Tax (VAT) for Q2 2023 was reported at N781.35 billion, showing a growth rate of 10.11 percent on a quarter-on-quarter basis from N709.59 billion in Q1 2023.
The report said local payments recorded were N512.03 billion, Foreign VAT Payments were N142.63 billion, while import VAT contributed N126.69 billion in Q2 2023.
On a quarter-on-quarter basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 212.06 percent, followed by real estate activities with 123.09 percent. 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 –57.06 percent, followed by agriculture, forestry, and fishing with –32.86 percent.
In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 29.64 percent; information and communication with 21.19 percent; and financial and insurance activities with 11.18 percent.