Company income tax in Nigeria drops by -18.31% in Q4 – NBS

Sectoral distribution of Company Income Tax data for Q4 2020 as released by the National Bureau of Statistics (NBS) has indicated the sum of N295.72 billion generated as CIT in Q4 2020.

The figure is against the N416.01billion generated in Q3 2020 and N362.01billion declared in Q4 2019, which, according to NBS, represents -28.91% decrease Quarter-on-Quarter and -18.31% decrease Year-on-Year, respectively.

A breakdown of the sector shows that Professional Services including Telecoms generated the highest amount of CIT with N32.17bn generated and closely followed by other Manufacturing generating N25.64bn.

Commercial and Trading generated N19.41bn while Textile and Garment industry raised the least and closely followed by Mining and Local Government Councils with N104.37m, N136.99m, and N298.73m generated respectively.

According to NBS, of the total amount generated in Q4 2020, N162.00bn was generated as CIT locally while N63.52bn was generated foreign CIT payment.

The balance of N70.20bn was generated as CIT from other payments.

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