Finance

Company income tax increases by N97.05bn in Q1, 2021- NBS

Purchasing Power To Decline As FG Slams New Tax

The National Bureau of Statistics (NBS) says N392.77 billion was generated as Company Income Tax (CIT) in Quarter One, 2021 (Q1, 2021) an increase of N97.05 billion over N295.72 billion generated in Q4 2020.

This is revealed in the “Company Income Tax by Sectors, Q1 2021” obtained from the bureau’s website on Wednesday in Abuja.

According to the report, the generated amount was N97.09 billion more than the N295.68 billion generated in Q1 2020.

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It also said that the Q1, 2021 figure represented a 32.82 per cent increase Quarter-on-Quarter and 32.84 per cent increase Year-on-Year.

The NBS said that breweries, bottling and beverages generated the highest amount of CIT with N23.26 billion generated and closely followed by professional services including telecoms which generated N18.17 billion.

“State ministries and parastatals generated N17.35 billion while textile and garment industry generated the least with N13.49 million.

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“This was closely followed by mining with N34.40 million and automobiles and assemblies which generated N73.57 million.”

The report said that out of the total amount generated in the period under review, N152.33 billion was generated as CIT locally while N184.59 billion was generated as foreign CIT payment.

It added that the balance of N55.85 billion was generated as CIT from other payments.

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The NBS said that data for the report was provided by the Federal Inland Revenue Service (FIRS) and verified and validated by the NBS.

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