FG recoups N416b from companies’ income tax in Q3

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FEDERAL government’s revenue from Company Income Tax (CIT) rose slightly to N416.01 billion as of the end of the third quartre of 2020.

  The National Bureau of Statistics (NBS) disclosed this in the Company Income Tax by Sectors (2015 – Q3 2020) report released yesterday.

  According to NBS, the year-on-year analysis of the revenues showed maginal increase in company taxation.

  “Data on Company Income Tax breakdown by sectors for Q3 2020 reflected that the sum of N416.01 billion was generated as CIT as against N402.03 billion generated in Q2 2020, and N520.89 billion generated in Q3 2019 representing 3.48 per cent increase quarter-on-quarter, and -20.13 per cent decrease year-on-year.

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Professional services including telecoms generated the highest amount of CIT with N55.52bn generated and closely followed by other manufacturing which generated N42.03bn, banks and financial institutions generated N24.05bn, while mining generated the least and closely followed by textile and garment industry and local government councils with N120.93 million, N167.51million and N321.72 million generated respectively.

Out of the total amount generated in Q3 2020, N244.70 billion was generated as CIT locally while N70.34bn was generated as foreign CIT payment. The balance of N100.97 bilion was generated as CIT from other payments,” part of the report reads.

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