Company Income Tax (CIT) recorded N124.71 billion decline from N472.52 billion in quarter three, 2021 to N347.81 billion in quarter four, the National Bureau of Statistics (NBS), said.
The Bureau said this in its “Company Income Tax (CIT) Quarter Four, 2021” data obtained from its website on Thursday.
It also said that on a year-on-year basis, CIT collections in the period under review increased by 17.61 per cent from quarter four, 2020.
The report said that Information and Communication sector accounted for the highest CIT at N51.05 billion, followed by Manufacturing at N45.09 billion, while Financial and Insurance Services and Mining and Quarrying accounted for N31 billion each.
However, activities of households as employers, undifferentiated goods and services-producing activities of households for own use at N189.44 million accounted for the lowest remittance of CIT, though it recorded a 563.56 per cent growth.
This was followed by activities of extraterritorial organisations and bodies which remitted N447.01 million and water supply, sewerage, waste management and remediation activities which accounted for N328.57 million.
It said real estate activities which stood at N1.68 billion, and human health and social work activities accounted for N2.83 billion.
The NBS said that 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).
Growths were also recorded in construction at N5.384 billion (33.32 per cent) and electricity, gas, steam and air conditioning supply N5.17 billion (representing 84.68 per cent).
“On the other hand, 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).
“Others are 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).”
The report said that local CIT payments recorded N258.85 billion, while foreign CIT payment stood at N88.96 billion.
The NBS said that data for the report was provided by Federal Inland Revenue Service (FIRS, verified and validated by NBS. (NAN)
Share on Facebook «||»
Share on Twitter «||»
Share on Reddit «||»
Share on LinkedIn
Read Related News On TDPel Media
Advertisement
Nigeria’s GDP recorded 3.4% growth in 2021- NBS
Nigeria’s economy grew by 3. 4% year-to-year in 2021 with an estimated value of N72. 39 trillion in real terms, representing an uptick from the...
My late husband declined Ponzhi Tarok stool– Widow of Gen Domkat Bali
By Femi Ogunshola Mrs Esther Bali, the widow of Gen. Domkat Bali, says contrary to falsehood surrounding the Ponzhi Tarok stool, her husband declined to...
Hamas Claims Israel Declined to Receive Hostages Offered for Release
After the terror group declared it was ready to free the two further hostages from Gaza, Hamas claimed Israel ‘declined to receive’ them. A representative...
Charles Okocha’s rematch request gets declined, causing the portable device to shut down
Portable’s Disinterest in Rematch Nigerian musician Portable recently addressed his lack of enthusiasm for a rematch with Charles Okocha, the aftermath of Okocha’s allegations of...
Bristol Mother Reveals How Daughter’s Mental Health Declined Due to Social Media, Leading to Smartphone Abandonment
Mother Narrates Harrowing Impact of Social Media on Daughter’s Mental Health Lucy Smith, a 52-year-old mother from Bristol, shares her daughter’s distressing journey battling depression...
Canada’s Income Tax Mandatory Disclosure Rules Consultation: Sample Notifiable Transactions
Under Section 237.4 of the Income Tax Act, the Minister of National Revenue has the authority to designate, with the concurrence of the Minister of Finance,...
Why Do You Need an Online Income Tax Return?
It’s not always easy to keep track of what income you have and where it came from. If you’re self-employed, you might be required to...
Massachusetts Man Pleads Guilty to Tax Evasion in Commercial Fishing Income Case
In a significant legal development, a Massachusetts resident has entered a guilty plea in connection with charges of evading taxes on earnings derived from his...
FCT Minister Ezenwo Nyesom Wike Orders Strict Implementation of Income Tax Laws
Enforcement of Income Tax and Revenue Acts The Minister of the Federal Capital Territory (FCT), Ezenwo Nyesom Wike, has taken a significant step to boost...
TikTok Video Sparks Debate as Canada Resident @foya2005 Reveals Huge 1.4M Naira Monthly Tax Deductions from 4.2M Naira Income
Tax Frustration in Canada @foya2005, a Canada-based individual on TikTok, expressed frustration over substantial tax deductions from her monthly income. Out of her earnings totaling...