NBS: Company income tax increased by N97.05bn to N392bn in Q1 2021

The National Bureau of Statistics (NBS) says Nigeria generated a total sum of N392.77 billion from company income tax (CIT) in the first quarter (Q1) of 2021.

This is contained in NBS recent report on ‘Company Income Tax By Sectors (Q1 2021)’.

CIT is a tax on the profits of incorporated entities in Nigeria, it also includes the tax on the profits of non-resident companies carrying on business in Nigeria.

According to the report, Q1 2021 CIT revenue represents an increase of 32.82 percent (N97.05 billion) as against the N295.72 billion generated in the fourth quarter (Q4) of 2020.

By sector, top contributors of CIT in Q1 2021 were breweries, bottling and beverages with N23.26 billion; professional services including telecoms with N18.17 billion; and state ministries and parastatals generated N17.35 billion.

The sectors that generated the least amount of CIT were textile and garment industry with N13.49 million; mining (N34.40 million); and automobiles and assemblies (N73.57 million).

For CIT generated quarter-on-quarter, Q1 2015 revenue was N170.17 billion; Q1 2016 CIT declined by 1.95 percent to N166.86 billion; Q1 2017 revenue increased to N155.96 billion; Q1 2018 had N203.69 billion; Q1 2019 revenue was N232.81.

Meanwhile, Q1 2021 CIT revenue likewise represents an increase of 32.84 percent as against the N295.68 billion generated in Q1 2020.