Telecommunications and manufacturing firms led in the payment of company income tax (CIT) in the third quarter (Q3) of 2020, according to the latest report by the National Bureau of Statistics (NBS).
Data on Company Income Tax breakdown by sectors for Q3 2020 reflected that the sum of N416.01bn was generated as CIT as against N402.03bn generated in Q2 2020 and N520.89bn generated in Q3 2019 representing 3.48 percent increase Quarter-on-Quarter and -20.13 percent decrease Year-on-Year.
Professional Services including Telecoms generated the highest amount of CIT with N55.52bn generated and closely followed by Other Manufacturing which generated N42.03bn, Banks & Financial Institutions generated N24.05bn while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93m, N167.51m and N321.72m generated respectively.
Out of the total amounted generated in Q3 2020, N244.70bn was generated as CIT locally while N70.34bn was generated as foreign CIT payment. The balance of N100.97bn was generated as CIT from other payments.