Q3 2020: FG rakes in N416.01bn as Company Income Tax NBS

By Chika Otuchikere

The Nigerian Government in the third quarter of 2020 generated N416.01 billion as Company Income Tax (CIT), so says the National Bureau of Statistics (NBS).

The NBS made this known in its “Company Income Tax by Sectors 2015 – Quarter Three (Q3 2020)” report obtained from its website on Thursday in Abuja.

According to the Bureau, the amount was against N402.03 billion generated in 2nd Quarter 2020 and N520.89 billion generated in Q3 2019, representing a 3.48 per cent increase Quarter-on-Quarter and -20.13 per cent decrease Year-on-Year.

The bureau revealed that professional services including telecoms generated the highest amount of CIT with N55.52 billion generated and closely followed by other manufacturing which generated N42.03 billion.

Bank and financial institutions followed generating N24.05 billion, while mining generated the least with N120.93 million and closely followed by textile and garment industry with N167.51 million and Local Government Councils with N321.72 million.

The Bureau further said that out of the total amount generated in Q3 2020, N244.70 billion was generated as CIT locally while N70.34 billion was generated as foreign CIT payment.

It said the balance of N100.97 billion was generated as CIT from other payment adding that the data was provided by the Federal Inland Revenue Service (FIRS) and verified and validated by the NBS.

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