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Nigeria generates over N416 billion from Company Income Tax in Q3 2020

BY Chisom ADA

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Company Income Tax

The National Bureau of Statistics (NBS) has reported that Nigeria generated the sum of N416.01 billion from Company Income Tax (CIT) in the third quarter of 2020.

NBS’s report stated that the total CIT generated increased by 3.48% in Q3 2020, compared to N402.03 billion recorded in the previous quarter (Q2 2020).

The National Bureau also said that the tax reduced by 20.13% compared to N520.89 billion recorded in the corresponding quarter (Q3) of 2019.

According to the report, 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 & Financial Institutions generated N24.05bn while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93m, N167.51m and N321.72m generated respectively.

It explained further that out of the total amounted generated in Q3 2020, N244.70bn was generated as CIT locally while N70.34bn was generated as foreign CIT payment.

The NBS added that the balance of N100.97bn was generated as CIT from other payments.

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