Nigeria has generated Company Income Tax (CIT) of N714.40 billion for the second quarter of 2022, a growth rate of 29.53 per cent on a quarter-on-quarter basis from N551.53 billion in Q1 2022.
This was disclosed by the National Bureau of Statistics (NBS) in the CIT Report for Q2 2022.
CIT is a tax on the profits of registered companies in Nigeria.
It includes the tax on the profits of foreign companies carrying on any business in Nigeria.
The CIT is currently charged at the rate of 30 percent for companies having more than N100 million in turnover — and 20 percent for companies with a turnover between N25 million and N100 million.
The CIT report showed that the revenue generated from companies from April to June represents an increase of 29.53 percent on a quarter-on-quarter basis from N551.53 billion generated in Q1 2022.
