Finance

FG raked in N1.69tn company tax in 2021 – NBS report

The Federal Government raked in N1.69tn from company income tax in 2021, according to statistics from the National Bureau of Statistics.

This is a 19.56 per cent increase from the N1.41tn that was collected in 2020. According to the NBS data, the Federal Government raked in N392.77bn during the first quarter of 2021, N472.07bn in the second quarter, N472.52bn in the third quarter, and N347.81bn in the fourth quarter of 2021.

The NBS said, “In Q1 2021, 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 and parastatals generated N17.35bn, while textile and garment industry generated the least, and closely followed by mining and automobiles/assemblies with N13.49m, N34.40m and N73.57m generated respectively.

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“In Q2 2021, professional services generated the highest amount of CIT with N130.09bn generated and closely followed by ‘Other Manufacturing’ which generated N87.27bn; banks & financial institutions generated N60.01bn while textile and garment industry generated the least and closely followed by automobiles and assemblies and pioneering with N27.23m, N62.15m and N64.30m generated respectively.

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“Third quarter 2021 recorded manufacturing activity (N64.48bn); Information and Communication activity (N58.15bn); and mining & quarrying activity (N36.01bn) as the top three largest share of revenue at 22.08 per cent, 19.91 per cent and 12.33 per cent respectively.

“In terms of sectoral contributions, the top three largest shares in Q4 2021 were information and communication (N51.05bn) with 19.72 per cent; manufacturing (N45.09bn) with 17.42 per cent; and financial and insurance activities (N31.06bn) with 12.00 per cent.”

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For the year, local companies paid N1.12tn (66.22 per cent) as tax, foreign companies paid N505.68bn (30.01 per cent) as tax, while other tax payments amounted to N63.57bn (3.77 per cent).

The NBS added that data for CIT is provided by the Federal Inland Revenue Service.

Punch

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