Company Income Tax declines by N124bn in Q4, 2021 — NBS

Company Income Tax (CIT) recorded N124.71 billion decline from N472.52 billion in quarter three, 2021 to N347.81 billion in quarter four, the National Bureau of Statistics (NBS), said.

The Bureau said this in its “Company Income Tax (CIT) Quarter Four, 2021” data obtained from its website on Thursday.

It also said that on a year-on-year basis, CIT collections in the period under review increased by 17.61 per cent from quarter four, 2020.

The report said that Information and Communication sector accounted for the highest CIT at N51.05 billion, followed by Manufacturing at N45.09 billion, while Financial and Insurance Services and Mining and Quarrying accounted for N31 billion each.

However, activities of households as employers, undifferentiated goods and services-producing activities of households for own use at N189.44 million accounted for the lowest remittance of CIT, though it recorded a 563.56 per cent growth.

This was followed by activities of extraterritorial organisations and bodies which remitted N447.01 million and water supply, sewerage, waste management and remediation activities which accounted for N328.57 million.

It said real estate activities which stood at N1.68 billion, and human health and social work activities accounted for N2.83 billion.

The NBS said that on a quarter-on-quarter basis, positive growths were recorded in accommodation and food service activities (116.01 per cent); activities of extraterritorial organisations and bodies (128.92 per cent).

Growths were also recorded in construction at N5.384 billion (33.32 per cent) and electricity, gas, steam and air conditioning supply N5.17 billion (representing 84.68 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).”

“Others are 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).”

The report said that local CIT payments recorded N258.85 billion, while foreign CIT payment stood at N88.96 billion.

The NBS said that data for the report was provided by Federal Inland Revenue Service (FIRS, verified and validated by NBS.