FG generates N631.09bn tax from IT sector, says NBS

Consumers and firms operating in the Information and Communication space paid N631.09bn as tax in 2022, data from the National Bureau of Statistics has revealed.

This ranked IT as one of the biggest contributors to Value Added Tax and Company Income Tax in 2022.

Telecom consumers and other IT services consumers paid N268.84bn as consumption taxes for services like calls, SMS, data, and more, during the period under review.

Telecom companies and other IT companies paid N362.26bn as CIT.  The government raked in a total of N5.34tn from CIT and VAT, of which the IT sector contributed 11.82 per cent.

According to the NBS, the IT sector is one of the major contributors to VAT and CIT.

It explained that the information and communication sector is composed of the activities of telecommunications and information services; publishing; motion picture, sound recording and music production and broadcasting.

In 2022, the telecoms sector contributed 82.17 per cent to the IT sector.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.