In the first quarter of 2021, Nigeria recorded growth in Company Income Tax, generating N392.77 billion against the N295 billion recorded in Q4 2020 and N295.68 in Q1 2020.
The figures were shared by the Nigeria Bureau of Statistics in its report titled, ‘Company Income Tax
By Sectors Q1 2021′, with the increase representing a quarter-on-quarter increase of 32.82 percent and 32.84 percent year-on-year increase.
Leading other sectors in the generation of Company Income Tax was the breweries, bottling, and beverages sector with N23.26 billion.
Trailing behind the beverage sector was the professional services sector like the telecoms industry with N18.17 billion.
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State ministries and parastatals raked in N17.35 billion while the textile and garment industry reported the least with N13.49 million, with mining, automobiles, and assemblies generating N34.40 million and N73.57 million respectively.
The report stated, “Out of the total amounted (sic) generated in Q1 2021, N152.33bn was generated as CIT locally while N184.59bn was generated as foreign CIT payment. The balance of N55.85bn was generated as CIT from
other payments.”
The breakdown of the report noted that the professional services generated the highest CIT in the fourth quarter of 2020 with N32 billion, followed by the manufacturing industry with N25 billion.
