The National Bureau of Statistics (NBS) has said the Company Income tax for the third quarter (Q3) of last year, showed that tax collections from the sector rose to N131.97 billion as against the N53.36 billion in the corresponding period in 2021.
However, on a quarter-by- quarter comparison, tax collection fell by 15.26 per cent from N155.74 billion. It said in terms of sectoral contributions, the Information and Communication Technology (ICT) sector contributed 27.31 per cent to the total company income in Q3’22, trailing behind the manufacturing sector, which contributed 28.76 per cent, while the financial services sector ranked third at 8.81 per cent contribution.
As part of the drive to increase its revenue from non-oil sources and support the implementation of the 2022 budget, the Federal Government made certain amendments to the Finance Act 2022.Part of the changes was the introduction of taxes on the Non-Resident Companies (NRCs) with digital presence in Nigeria.
