The sum of N392. 77 billion accrued to the Federal Government from corporate taxes in the first quarter of 2021, according figures made available by the National Bureau of Statistics.
has said that companies operating in Nigeria and affiliates abroad paid a total tax of N392.77 billion to the federal government in the first quarter of 2021.
In its May report, the Bureau said the taxes came from companies operating in Nigeria and their affiliates abroad.
The report shows that data on Company Income Tax breakdown by sectors for Q1 2021 reflected that the sum of N392.77bn was generated as CIT as against N295.72 billion generated in Q4 2020 and N295.68bn generated in Q1 2020.
The 2022 figure represents 32.82% increase Quarter-on-Quarter and 32.84% increase Year-on-Year.
Breweries, Bottling and Beverages, the report further shows, generated the highest amount of CIT with N23.26 billion, followed closely by Professional Services including Telecoms which generated N18.17 billion.
State Ministries & Parastatals generated N17.35 billion while Textile and Garment Industry generated the least and closely followed by Mining and Automobiles and Assemblies with N13.49 million, N34.40 million and N73.57 million generated respectively.
Out of the total amount generated in Q1 2021, N152.33 billion was generated as CIT locally while N184.59 billion was generated as foreign CIT payment. The balance of N55.85 billion was generated as CIT from other payments.
