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Nigerians Pay N2tn Indirect Taxes In Nine Months
According to the National Bureau of Statistics, the tax burden on Nigerians in the first nine months of 2022 increased by N285.13 billion. Nigerians paid N2.01 trillion as indirect taxes in the period under review, a 16.57 per cent increase from the N1.72 trillion paid in the corresponding period of 2021. This data is calculated…
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Company Tax Grows By 53.09% Q1 2022
The National Bureau of Statistics has said that the Company Income Tax (CIT) for Q1 2022 increased to N532.48 billion. According to the bureau, this is a growth rate of 53.09 percent on a quarter-on-quarter basis from N347.81billion in Q4 2021. CIT is a tax imposed on the profit of a company from all sources.…
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Company Income Tax Fell By N124.71bn In 2021 Q4
According to the National Bureau of Statistics, Nigeria’s Company Income Tax fell by N124.71billion in the fourth quarter of 2021. The NBS disclosed this in its Q4, 2021 report on Company Income Tax saying, “On the aggregate, Company Income Tax for Q4 2021 stood at N347.81billion, a decline by 26.39 percent on a quarter-on-quarter basis…
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How FAAC Distributed N9.079tn In 2021
A compiled data of the Federation Account Allocation Committee disbursement has revealed that a total of N9.079 trillion was shared by all three tiers of government in 2021. According to the National Bureau of Statistics, the distribution was made to the Federal Government, States’ government and Local governments from revenue generated by agencies from tax,…
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Tax Revenue Rises 30% To N2.85trn
Revenue into the Federation Account from Value Added Tax, VAT, and Company Income Tax, CIT, rose by 30.1 per cent, year-on-year, YoY, to N2.85 trillion in nine months ended September 30th, 2021 (9mths-21) from N2.19 trillion in the corresponding period of last year (9mths-2020). Findings in the VAT and CIT data for Q3 ‘2021 released…
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In Three Years, States Generates N751.17bn From Road Tax, Others
The 36 states of the federation earned N751.17bn from road tax, direct assessment, and other taxes in three years. This is according to data collated from the National Bureau of Statistics. Direct assessment refers to a form of personal income tax used to assess tax for self-employed individuals or tax imposed on informal businesses by…