Company Income Tax hit N1.69 trn in 2021

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The National Bureau of Statistics, NBS, said Company Income Tax, CIT, rose year-on-year, YoY, by 19.8 per cent to N1.69 trillion in 2021 from N1.41 trillion in 2020.

In its CIT report for Q4′ 21 released today, NBS noted that on quarterly basis, , CIT declined by 26 per cent to N347.81 billion in the fourth quarter of last year (Q4’21) from N472.52 billion in Q3’21.

The bureau stated that in terms of sectoral contributions, the top three largest shares in Q4′ 21 were information and communication (N51.05 billion) with 19.72 per cent; manufacturing (N45.09 billion) with 17.42 per cent; and financial and insurance activities (N31.06 billion) with 12 per cent.

The report stated:”On the aggregate, CIT for Q4 2021 stood at N347.81 billion, a decline by 26.39 per cent on a quarter-on-quarter basis from N472.52 billion in Q3 2021. “Local payments recorded were N258.85 billion, while Foreign CIT Payment contributed N88.96 billion.

“On a quarter-on-quarter basis, positive growths were recorded in accommodation and food service activities (116.01 per cent); activities of extraterritorial organizations and bodies (128.92 per cent); activities of households as employers, undifferentiated goods and services-producing activities of households for own use (563.56 per cent); construction(33.32 per cent); electricity, gas, steam, and air conditioning supply (84.68 per cent); human health and social work activities (31.47 per cent); other service activities (37.28 per cent); professional, scientific and technical activities (51.47 per cent); public administration and defence, compulsory social security (29.46 per cent); real estate activities (17.99 per cent); transportation and storage (2.04 per cent); water supply, sewerage, waste management and remediation activities (26.08 per cent); and wholesale and retail trade, repair of motor vehicles and motorcycles (13.91 per cent).
“On the other hand, decreases in collections were recorded in administrative and support service activities (-72.15 per cent); agriculture, forestry and fishing (-34.52 per cent); arts, entertainment and recreation (-25.31 per cent); education (-1.61 per cent); financial and insurance activities (-5.52 per cent); information and communication (-4.33 per cent); manufacturing (-23.21 per cent); and mining and quarrying (-7.56 per cent).

“In terms of sectoral contributions, the top three largest shares in Q4 2021 were information and communication (N51.05 billion) with 19.72%; manufacturing (N45.09 billion) with 17.42 per cent; and financial and insurance activities (N31.06 billion) with 12.00 per cent.

” Conversely, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use (N189.45 million) with 0.07 per cent; water supply, sewerage, waste management and remediation activities (N328.58 million) with 0.13 per cent; and activities of extraterritorial organizations and bodies (N447.01 million) with 0.17 per cent were top three lowest shares in Q4 2021. “However, on a year-on-year basis, CIT collections in Q4 2021 increased by 17.61 per cent from Q4 2020”

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