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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

    EFCC seeks transfer of Orji Uzor Kalu’s trial to Lagos

    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Student Loan Act: How to apply for the loan, all you need to know

    The increased prices of driver’s licenses, number plates set to take effect

    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Sovereign Trust Insurance Plc grows Profit after tax by 43%  in Q1 2021

    Sovereign Trust Insurance Plc appoints Abimbola Oguntunde as New Board Chairman

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    Dangote Petroleum Refinery to begin distribution of PMS and Diesel nationwide

    United Capital Plc receives FMDQ approval to increase size of Commercial Paper programme

    United Capital Group expands into Francophone West Africa

    List of Dividends announced in 2024, qualification and payment dates

    Cornerstone Insurance Plc to pay 27 kobo final dividend for 2024 FY

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    Legend Internet Plc reports N32.9 million profit for Q1 2025

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    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin crosses US$60K, approaches All-Time High

    Bitcoin (BTC) rises above US$80,000

    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

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    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

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Home Economy Economic Data

Domestic Economy: Corporate Income Tax Plunged 20.1% YoY on COVID-19 Pandemic

Weekly Market Review

Sunday, 29 November 2020, 5:30 am
in Economic Data, Economy
0
Professional Services Sector generated the highest Company Income Tax in Q3 2020- NBS
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(Greenwich Merchant Bank): As revealed by a recent survey by the National Bureau of Statistics (NBS), Corporate Income Tax (CIT) showed some resilience in the third quarter, quickening the pace of generated income recorded so far in the year.

While a yearly assessment indicated a steep fall of 20.13%, CIT improved by 3.48% QoQ to NGN416.09bn, as temporary business closures were eased owing to the country’s slowing infection rates. At NGN244.70bn, domestic sources accounted for 58.8% of the total income generated vs. 51.0% in Q3:2019), while foreign sources made up a record low share of 16.9% or NGN70.34bn.

Sectorally, the Professional Services including Telecoms led the pack, with a bulk of NGN55.52bn, followed by Other Manufacturing (NGN42.03bn), and the Banks and Financial Institutions (NGN24.05bn). The Mining Industry, on the other hand, contributed the lowest, trailed by Textiles and Garment (NGN167.51bn), as well as the Local Government Councils (NGN321.7bn).

Read also: Global Economy:  Activities Firm Up in the UK and US Economy…as Eurozone’s PMI Wanes

Notwithstanding the laudable palliatives adopted to stave off the negative impacts of the COVID-19 pandemic, which at the start of the year were expected to ease the burden on tax remittances, these steps ranged from the extension of filing for CIT returns to the increased use of the FIRS electronic platforms.

However, vulnerabilities in the form of the shortage in business activities, weakened domestic demand and investments weighed down on most companies. It is also worth noting that the Corporate Income Tax (CIT) budgeted figure for H1:2020 stands at NGN899.31bn, of which the realized figure pegs at NGN671.56bn or 75% as of half-year.

On a broader view, taxation across developing economies are expected to experience a dramatic fall in their average tax-to-GDP ratio in 2020, according to the IMF. As a result, we believe that considerations should border around long-term incentives to taxpayers, that presents opportunities for businesses to snap back to pre-pandemic levels.

These measures may include tax holidays or short-termed tax reductions, particularly for sectors disrupted by the COVID-19 pandemic, this should provide businesses ample time to recover from the effects of COVID-19.

In addition, increased public spending during the peak of the pandemic, particularly on health facilities has precipitated a rise the government’s expenditure, as well as dampened the government’s capacity to earn, coupled with the current stance in the oil market. Case in point, tax administrations should be prepared to explore other means of fueling the economy, as tax collections might remain a dampener to the governments’ projected revenue.

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