The tax revenue from local companies in Nigeria faced a notable 36.4% decline within three months, as disclosed by the National Bureau of Statistics.<\/p>\n
Sola Obadimu, the director-general of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, emphasized that companies reducing their production capacity are causing a drop in personnel and, subsequently, a decrease in tax revenue for the government.<\/p>\n
The NBS report outlined a contrasting scenario for foreign companies, with payments surging by 116.9% to N1.10 trillion in Q3, the highest since 2015.<\/p>\n
The Corporate Income Tax (CIT) report highlighted varying rates based on turnover, and experts, including Yomi Olugbenro of Deloitte, linked the efficiency of technology and foreign exchange unification to the overall tax revenue growth.<\/p>\n
Furthermore, the Central Bank of Nigeria’s June decision to merge foreign exchange market segments and the subsequent depreciation of the naira against major currencies have impacted the cost of sourcing foreign exchange, contributing to an 18-year high inflation rate of 27.33% in October.<\/p>\n
Additionally, the CIT report indicated sector-specific growth rates, with education leading at 59.6% quarter-on-quarter and certain activities, such as undifferentiated goods- and services-producing activities of households, experiencing negative growth rates.<\/p>\n","protected":false},"excerpt":{"rendered":"
The tax revenue from local companies in Nigeria faced a notable 36.4% decline within three months, as disclosed by the National Bureau of Statistics. Sola Obadimu, the director-general of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, emphasized that companies reducing their production capacity are causing a drop in personnel and, subsequently, […]<\/p>\n","protected":false},"author":14,"featured_media":11540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-11539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/11539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=11539"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/11539\/revisions"}],"predecessor-version":[{"id":11545,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/11539\/revisions\/11545"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/11540"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=11539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=11539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=11539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}