Company Income Tax Fell By N124.71bn In 2021 Q4

According to the National Bureau of Statistics, Nigeria’s Company Income Tax fell by N124.71billion in the fourth quarter of 2021.

The NBS disclosed this in its Q4, 2021 report on Company Income Tax saying, “On the aggregate, Company Income Tax for Q4 2021 stood at N347.81billion, a decline by 26.39 percent on a quarter-on-quarter basis from N472.52 billion in Q3, 2021.

“Local payments recorded were N258.85bn, while foreign CIT payment contributed N88.96 billion.”

Breakdown Analysis 

The report said on a quarter-on-quarter basis, positive growths were recorded in accommodation and food service activities (116.01 per cent); activities of extraterritorial organisations and bodies (128.92 per cent); activities of households as employers, undifferentiated goods and services-producing activities of households for own use (563.56 per cent); construction(33.32 per cent); electricity, gas, steam, and air conditioning supply (84.68 per cent).

It added that the human health and social work activities recorded (31.47 per cent); other service activities (37.28 per cent); professional, scientific and technical activities (51.47 per cent); public administration and defence, compulsory social security (29.46 per cent); real estate activities (17.99 per cent); transportation and storage (2.04 per cent); water supply, sewerage, waste management and remediation activities (26.08 per cent); and wholesale and retail trade, repair of motor vehicles and motorcycles (13.91 per cent).

On the other hand, it added, decreases in collections were recorded in administrative and support service activities (-72.15 per cent); agriculture, forestry and fishing (-34.52 per cent); arts, entertainment and recreation (-25.31 per cent); education (-1.61 per cent); financial and insurance activities (-5.52 per cent); information and communication (-4.33 per cent); manufacturing (-23.21 per cent); and mining and quarrying (-7.56 per cent).

Kehinde Ogunyale

Freelance Investigative and Data Journalist

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