FG Generates N416bn As Company Income Tax in Q3, 2020

The Federal Government generated N416.01 billion as Company Income Tax (CIT) in the third quarter of 2020.

According to the National Bureau of Statistics (NBS) in its  “Company Income Tax by Sectors 2015 – Quarter Three (Q3 2020)’’, the amount was against N402.03 billion generated in Quarter Two 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 said 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.

This was followed by banks and financial institutions which generated 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 NBS 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.

The balance of N100.97 billion was generated as CIT from other payments, the report said.

It added that the data was provided by the Federal Inland Revenue Service (FIRS) and verified and validated by the NBS. NAN