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 payments 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.”
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.
