The FIRS is in charge of collecting Company Income Tax (CIT) in the country. Based on data available on the site of the National Bureau of Statistics, the CIT for Q3 2023 was recorded at N1.75 trillion, reflecting a growth rate of 14.27% on a quarter-over-quarter basis from N1.53 trillion in Q2 2023.
As to the information available on the official website of FIRS, the CIT is a tax that is levied on a business’s total earnings. Thirty percent of a company’s total earnings is the tax rate.
Additionally, the NBS report states that during the period under review, the total amount of local CIT payments was N651.63 billion, while the total amount of foreign CIT payments was N1.10 trillion.
