Sectoral distribution of Company Income Tax (CIT) data for the fourth quarter (Q4) of 2020 showed that Professional Services including Telecoms generated the highest amount of CIT with N32.17bn generated.
A total of N295.72bn was generated as CIT in Q4 2020 as against N416.01bn generated in Q3 2020 and N362.01bn generated in Q4 2019 representing -28.91 percent decrease Quarter-on-Quarter and -18.31% decrease Year-on-Year, according to data from the National Bureau of Statistics (NBS).
The top CIT paying sector was closely followed by Other Manufacturing generating N25.64bn, Commercial and Trading generating N19.41bn while Textile and Garment industry generated the least and closely followed by Mining and Local Government Councils with N104.37m, N136.99m, and N298.73m generated respectively.
Out of the total amount generated in Q4 2020, N162.00bn was generated as CIT locally while N63.52bn was generated as foreign CIT payment.
The balance of N70.20bn was generated as CIT from other payments.
Nigerian telecommunications firms like Glo and MTN have been in the forefront of tax payment to the Federal, State and local governments as recently reported by MoneyCentral.