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TAXES IN NIGERIA
The Nigerian economy has displayed significant dynamism in the collection of Value Added Tax (VAT), with some sectors showing exceptional growth while navigating through a maze of challenges. In 2023, the country earned about N3.64 trillion from VAT, which is an increase of 45.02% from the previous year, according to the National Bureau of Statistics (NBS).
Nigerian companies are stepping up their contributions to the national purse despite challenges in the business environment.
Nigeria’s Company Income Tax (CIT) collections rose by 73.14%, reaching N4.9 trillion in 2023, up from N2.83 trillion recorded in the previous year, according to data from the National Bureau of Statistics (NBS) unveiled these figures.