Home Money Generated Company Income Tax falls 28.91% in Q4 2020 to N295.72bn

Generated Company Income Tax falls 28.91% in Q4 2020 to N295.72bn

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FIRS REVENUE HOUSE

WED 27 JAN, 2021-theGBJournal- National Bureau of Statistics (NBS) data on sectoral distribution of Company Income Tax data for Q4 2020 reflected that the sum of N295.72bn was generated as CIT in Q4 2020 as against N416.01bn generated in Q3 2020 and N362.01bn generated in Q4 2019 representing -28.91% decrease Quarter-on-Quarter.

The NBS data published Tuesday showed that cumulatively the CIT dropped 18.31% decrease Year-on-Year to stand at N1.409 trillion.

The global coronavirus pandemic hit the bottomline of most organisations hard during the period under review and may have contributed to the poor perfomance which reflects a second consecutive drop in CIT.

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

Out 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.

The NBS data also showed that Foreign payment are bulk payment from JP Morgan account which cannot be attributed to its offices or sectors.  Other payments- are payment through E-transact, E-tax pay, and remitta (GIFMIS).

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