According to statistics released by the National Bureau of Statistics (NBS), the Company Income Tax that manufacturers paid increased by 29% to N62 billion in the first quarter of 2023 from N44 billion in the same time previous year.
Financial services, information and communication technology, and manufacturing were the three industries with the greatest income tax payments, according to the surveys.
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A 13 per cent increase was also recorded in Value Added Tax raked in from manufacturers, as VAT from the sector was up from N112bn Q2022 to N129bn within the period in review.
The increase comes as taxes paid by manufacturers to the Federal Government rose by 60 per cent to N839.6 in 2022 from N524bn recorded in the prior year.
Data sourced from NBS showed that manufacturing company income tax rose significantly in 2022 to N468.59 compared with N235bn in the corresponding period in the previous year, while VAT collected from the sector rose to N477. 43bn from N288.4bn in 2021.
The taxes (VAT & CIT) are exclusive of other duties and levies paid by manufacturers to designated government agencies such as the Nigeria Customs Service.
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