A breakdown of the Q3 2020 data on Company Income Tax (CIT) by sectors in Nigeria, reflected that a total sump of N416.01bn was generated as CIT in Q3 2020. This 20.13% lower than the amount generated in the same quarter in 2019 (N520.89 billion), and 3.48% higher than the N402.034 billion generated in Q2 2020.
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The figures are contained in the Company Income Tax by Sectors (2015 – Q3 2020), released on Thursday by the National Bureau of Statics.
An analysis of the data revealed that Professional Services including Telecoms generated the highest CIT in Q3 2020. The top five sectors by amount generated in Q3 2020 are;
- Professional Services including Telecoms: N55.523 billion
- Other Manufacturing: N42.034 billion
- Banks & Financial Institutions: N24.050 billion
- Commercial and Trading: N22.634 billion
- State Ministries & Parastatals: N14.911 billion
The Mining sector with N120.925 million and the Textile & Garment industry with N167.510 billion were at the bottom and second to the bottom of the table of revenue generators in Q3 2020 respectively.
Out of the total amount generated in Q3 2020, N244.70 billion was generated as CIT locally while N70.34bn was generated as foreign CIT payment. The balance of N100.97 billion was generated as CIT from other payments.
By; Nnamdi M.