Tax from ICT firms falls by 43% in three months – NBS report

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Tax from firms in the information and communication sector fell by N21.7bn from N51.05bn in the fourth quarter of 2021 to N29.35bn in the first quarter of 2022.

This is 42.51 quarter-on-quarter decrease according to data from the National Bureau of Statistics. In its ‘Company Income Tax’ documents for both quarters, the NBS described the ICT sector as one of the major contributors to CIT in the nation.The statistics body said, “In terms of sectoral contributions, the top three largest shares in Q1 2022 were manufacturing with 21.31 per cent, information and communication with 14.03 per cent, and financial and insurance with 12.20 per cent.

According to the NBS, data for CIT is provided by the Federal Inland Revenue Service and verified and validated by it.

 

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