Nigeria ICT Companies Pay N29.35Bn as Tax in 3 Months

National Bureau of Statistics (NBS) has reported that tax from firms in the information and communication sector fell by N21.7bn from N51.05bn in the fourth quarter of 2021 to N29.35bn in the first quarter of 2022.

According the NBS, this is 42.51 per cent quarter-on-quarter decrease.

In its ‘Company Income Tax’ documents for both quarters, the NBS described the ICT sector as one of the major contributors to CIT in the nation.

In Q1 2022, ICT contributed 14.03 per cent and 19.72 per cent in Q4 2021 to CIT.

The statistics body said, “In terms of sectoral contributions, the top three largest shares in Q1 2022 were manufacturing with 21.31 per cent, information and communication with 14.03 per cent, and financial and insurance with 12.20 per cent.

“In terms of sectoral contributions, the top three largest shares in Q4 2021 were information and communication (N51.05bn) with 19.72 per cent; manufacturing (N45.09bn) with 17.42 per cent; and financial and insurance activities (N31.06bn) with 12.00 per cent.”

According to the NBS, data for CIT is provided by the Federal Inland Revenue Service and verified and validated by it.

Recently, the Federal Inland Revenue Service said MTN Nigeria Communications Plc and Airtel Networks Limited were two of its top 10 performing taxpayers in 2021. Also, MTN in April disclosed it paid about N757bn direct and indirect tax to government agencies in 2021.