Nigeria records a 32.82% increase in Company Income Tax in Q1
Data by the National Bureau of Statistics (NBS) has shown that in the first quarter of 2021 Nigeria generated N392.77 billion as Company Income Tax as against N295.72 billion generated in the fourth quarter of 2021.
According to the report, the CIT generated in Q1 2021 represents a 32.82 percent increase quarter on quarter and a 32.84 percent increase year on year on year when compared to N295.68 generated in Q1 2020.
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.
Out of the total amount generated in Q1 2021, N152.33 billion was generated as CIT locally while N184.59 billion was generated as foreign CIT payment. The balance of N55.85 billion was generated as CIT from other payments.