Company Income Tax Falls By N124 Billion in Q4, 2021- NBS

According to the National Bureau of Statistics (NBS), company income tax (CIT) declined by N124.71 billion to close at N347.81 billion in the fourth quarter of 2021, as against the N472.52 billion recorded in the third quarter of 2021.

This information was revealed in the "Company Income Tax (CIT) Quarter Four, 2021" statistics released by the NBS on its official website on Thursday, February 24.

It went on to say that CIT collections increased 17.61 percent year on year during the period, as more institutions and people were included in the tax bracket when compared to the fourth quarter of 2020.

According to the study, the information and communication sectors accounted for the most CIT at N51.05 billion, followed by manufacturing at N45.09 billion, and banking and insurance services and mining and quarrying at N31 billion apiece.

People who work for themselves and households that make goods or services for personal use sent the least money back to the government, with N189.44 million coming in. This was even though there was a 563.56 percent rise in the amount of money sent back.

People and groups from other countries were next, with N447.01 million in their work. Then there was N328.57 million spent on things like water supply.

According to the NBS, real estate activities totaled N1.68 billion, while human health and social work activities were worth N2.83 billion.

A positive growth rate was found in lodging and food service activities (116.01%), activities of cross-border organizations and entities (116.01%), and activities of cross-border organizations and entities (128).

Construction increased by N5.384 billion (33.32%), while power, gas, steam, and air conditioning supplies increased by N5.17 billion (84.68%).

"On the other hand, decreases in collections were recorded in administrative and support service activities (-72.2%), agriculture, forestry, and fishing (-34.52 percent), arts, entertainment, and recreation (-25.31 percent).

"Others are education (-1.61 percent), financial and insurance activities (-5.52 percent), information and communication (-4.33 percent), manufacturing (-23.21 percent), and mining and quarrying (-7.56 percent)."

It went on to say that local CIT payments were N258.85 billion, while international CIT payments totaled N88.96 billion.