Company Income Tax declines by N124bn in Q4, 2021



By Folasade Akpan

Company Income Tax (CIT) recorded N124.71 billion decline from N472.52 billion in quarter three, 2021 to N347.81 billion in quarter four, the National Bureau of Statistics (NBS), said.

The Bureau said this in its “Company Income Tax (CIT) Quarter Four, 2021” data obtained from its website on Thursday.

It also said that on a year-on-year basis, CIT collections in the period under review increased by 17.61 per cent from quarter four, 2020.

The report said that Information and Communication sector accounted for the highest CIT at N51.05 billion, followed by Manufacturing at N45.09 billion, while Financial and Insurance Services and Mining and Quarrying accounted for N31 billion each.

However, activities of households as employers, undifferentiated goods and services-producing activities of households for own use at N189.44 million accounted for the lowest remittance of CIT, though it recorded a 563.56 per cent growth.

This was followed by…

Source: News Agency of Nigeria