By Audrey Lotechukwu
WED 12 MAY, 2021-theGBJournal- Data on Company Income Tax published today by the National Bureau of Statistics (NBS) reflects growth in companies overall contribution to public finances in Nigeria.
Breakdown by sectors for Q1 2021 reflected that the sum of N392.77bn was generated as CIT as against N295.72bn generated in Q4 2020 and N295.68bn generated in Q1 2020 representing 32.82% increase Quarter-on-Quarter and 32.84% increase Year-on-Year.
According to the NBS data, 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 & Parastatals generated N17.35bn while Textile and Garment Industry generated the least and closely followed by Mining and Automobiles and Assemblies with N13.49m, N34.40m and N73.57m generated respectively.
Out of the total amounted generated in Q1 2021, N152.33bn was generated as CIT locally while N184.59bn was generated as foreign CIT payment. According to the statistics office, ‘’the foreign payments are bulk payment from JP Morgan account which cannot be attributed to our offices or sectors.’’
The balance of N55.85bn was generated as CIT from other payments which are payments through E-transact, E-tax pay,and remitta