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Nigeria earns N1.69 trln from company income tax in 2021 ~NBS

Corporate bodies paid  a total of N1.69 trillion in Company Income Tax (CIT) to the federal government treasury in 2021, 19.8 percent bigger than the  N1.41 trillion paid in the previous year, according to the latest data from the National Bureau of Statistics (NBS) on Thursday.

The NBS CIT report for the fourth quater of 2021 showed that on a quarterly basis, CIT declined by 26 percent to N347.81 billion in the fourth quarter of last year from N472.52 billion in the third quarter.

The bureau stated that the information and communication Technology sector led with N51.05 billion, representing 19.72 percent of the total collection, followed by manufacturing with N45.09 billion or 17.42 percent of the total collected and financial and insurance activities with N31.06 billion or 12 percent of the total.

“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 percent); activities of extraterritorial organizations and bodies (128.92 percent),  activities of households as employers, undifferentiated goods and services-producing activities of households for own use (563.56 percent); construction(33.32 percent); electricity, gas, steam, and air conditioning supply (84.68 percent); human health and social work activities (31.47 percent); other service activities (37.28 percent); professional, scientific and technical activities (51.47 percent); public administration and defence, compulsory social security (29.46 percent); real estate activities (17.99 percent); transportation and storage (2.04 percent); water supply, sewerage, waste management and remediation activities (26.08 percent); and wholesale and retail trade, repair of motor vehicles and motorcycles (13.91 percent).

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“On the other hand, decreases in collections were recorded in administrative and support service activities (-72.15 percent); agriculture, forestry and fishing (-34.52 percent); arts, entertainment and recreation (-25.31 percent); education (-1.61 percent); financial and insurance activities (-5.52 percent); information and communication (-4.33%); manufacturing (-23.21 percent); and mining and quarrying (-7.56 percent).

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

“Conversely, activities of households as employers, undifferentiated goods and services-producing activities of households for own use (N189.45 million) with 0.07 percent; water supply, sewerage, waste management and remediation activities (N328.58 million) with 0.13 percent; and activities of extraterritorial organizations and bodies (N447.01 million) with 0.17 percent 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”

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

“Conversely, activities of households as employers, undifferentiated goods and services-producing activities of households for own use (N189.45 million) with 0.07 percent; water supply, sewerage, waste management and remediation activities (N328.58 million) with 0.13 percent; and activities of extraterritorial organizations and bodies (N447.01 million) with 0.17 percent were top three lowest shares in Q4 2021.

“However, on a year-on-year basis, CIT collections in Q4 2021 increased by 17.61 percent from Q4 2020,” the report stated.

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