said in its latest CIT report for the first three months of the year.
Currently, the tax is charged at the rate of 30 percent for companies with more than N100 million in turnover, and 20 percent for companies with a turnover ranging between N25 million and N100 million.from local companies totalled N300.78 billion, while foreign firms contributed N168.23 billion in the quarter reviewed.
“On the other hand, water supply, sewerage, waste management, and remediation activities had the lowest growth rate with -69.38 percent, followed by other service activities with -60.13 percent.“In terms of sectoral contributions, the top three largest shares in Q1 2023 were financial and insurance activities with 22.94 percent; manufacturing with 20.91 percent; and information and communication with 11.89 percent.