Nigeria records 32percent growth in company income tax revenue
The Nigerian Federal Government has recorded an increase of N97.09 billion in Company Income Tax (CIT) in the First Quarter (Q1) of 2021.
According to the National Bureau of Statistics (NBS), the collection soared from the N295.72 billion earned in the Fourth Quarter of 2020 to N392.77 billion in Q1 2021.
NBS noted that it represented 32.82 per cent Quarter- on- Quarter increase and 32.84 per cent Year -on- Year rise.
It said:”Its Data on Company Income Tax breakdown by sectors for Q1 2021 reflected that the sum of N392.77bn was generated as CIT as against N295.72bn generated in Q4 2020 and N295.68bn generated in Q1 2020 representing 32.82 per cent increase Quarter-on-Quarter and 32.84 per cent increase Year-on-Year”.
The bureau said breweries, bottling and beverages generated the highest amount of CIT with N23.26bn generated and closely followed by Professional Services including Telecoms which generated N18.17bn, State Ministries & Parastatals generated N17.35bn while Textile and Garment Industry generated the least and closely followed by Mining and Automobiles and Assemblies with N13.49m, N34.40m and N73.57m generated respectively.
In the period under review, according to the data, out of the total amount generated in Q1 2021, N152.33bn was generated as CIT locally while N184.59bn was generated as foreign CIT payment. The NBS report said the balance of N55.85bn was generated as CIT from other payments.