Nigeria raked in N392.77bn as Companies’ Income Tax in 3 months-NBS

Companies Income Tax generated N392.77 billion in the first quarter of the year 2021, the National Bureau of Statistics (NBS) announced Wednesday.

According to the NBS, the CIT for Q1’2021 is higher than that generated in Q4’2020 and Q1’2020.

The NBS said: “Data on Company Income Tax breakdown by sectors for Q1 2021 reflected that the sum of N392.77bn was generated as CIT as against N295.72billion generated in Q4 2020 and N295.68billion generated in Q1 2020 representing a 32.82 per cent increase in Quarter-on-Quarter and 32.84 per cent increase Year-on-Year.”

The NBS report added that Breweries, Bottling and Beverages accounted for the highest amount of companies’ income tax, second only to Professional Services and Telecoms which generated N18.17 billion. It also added that MDAs generated N17.35 billion as against that generated by textile industries.

“Breweries, Bottling and Beverages generated the highest amount of CIT with N23.26billion generated and closely followed by Professional Services, including Telecoms which generated N18.17billion; State Ministries & Parastatals generated N17.35billion while Textile and Garment Industry generated the least and closely followed by Mining and Automobiles and Assemblies with N13.49million, N34.40million and N73.57million generated respectively.

“Out of the total amount generated in Q1 2021, N152.33billion was generated as CIT locally while N184.59billion was generated as foreign CIT payment.

“The balance of N55.85billion was generated as CIT from other payments,” the NBS said.