Company Income Tax in Nigeria rose by 32.84 per cent to N392.77bn year-one-year in the first quarter of 2021, compared to N295.68bn generated in the corresponding quarter of 2020.
The National Bureau of Statistics disclosed this in its ‘Company Income Tax by Sectors, Q1 2021’ released on Wednesday.
Relative to N295.72bn generated in Q4 2020, the report showed that CIT increased by 32.82 per cent or N97.05bn in the Q1 2021.
A breakdown of the report by sector showed that the breweries, bottling and beverages generated N23.26bn, the highest amount of CIT in the review quarter. This was closely followed by professional services, including telecoms, which generated N18.17bn, and state ministries and parastatals, which generated N17.35bn.
The data also showed that textile and garment industry generated the least, closely followed by mining, automobiles and assemblies with N13.49m, N34.40m and N73.57m respectively.
Further analysis on the report indicated that of the generated in Q1 2021, N152.33bn was generated as CIT locally, while N184.59bn was generated as foreign CIT payment.
The balance of N55.85bn was generated as CIT from other payments, the NBS report added.
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