Companies pay N1.25tn tax amid forex, energy crises

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Nigerian firms paid N1.25tn tax to the Federal Government in the first six months of 2022 despite facing acute foreign exchange and energy challenges.

Data released by the National Bureau of Statistics over the weekend showed that company income tax grew from N697.71bn in the first half of 2020 to N864.84bn in the corresponding period of 2021, and N1.25tn in the same period of 2022.

In 2020, the nation was dealt a deadly blow by an imposed lockdown which led to a negative GDP growth of 3.62 per cent in the third quarter of 2020 and a second recession in five years. But firms have begun to recover as data from the NBS showed. “Local payments received were N634.01bn, while Foreign CIT payment contributed N80.39bn in Q2 2022. On a quarter-on-quarter basis, the Activities of accommodation and food services recorded the highest growth rate with 481.93 per cent, followed by Information and communication with 430.67 per cent, and Transportation and storage with 339.08 per cent.

 

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