Company Income Tax Declined to N347.81 billion in Q4 2021

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CEM REPORT | Company Income Tax (CIT) accrued to Federal Government has declined by 26.39% in Q4 2021 to N347.81 billion from the N472.52 billion recorded in Q3 2021

According to the report released by the Bureau of Statistics Wednesday, Local payments recorded were N258.85 billion, while Foreign CIT Payment contributed N88.96 billion.

On a quarter-on-quarter basis, positive growths were recorded in accommodation and food service activities (116.01%); activities of extraterritorial organizations and bodies (128.92%); activities of households as employers, undifferentiated goods and services-producing activities of households for own use (563.56%); construction(33.32%); electricity, gas, steam, and air conditioning supply (84.68%); human health and social work activities (31.47%);

Other service activities (37.28%); professional, scientific and technical activities (51.47%); public administration and defence, compulsory social security (29.46%); real estate activities (17.99%); transportation and storage (2.04%); water supply, sewerage, waste management and remediation activities (26.08%); and wholesale and retail trade, repair of motor vehicles and motorcycles (13.91%).

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

In terms of sectoral contributions, the top three largest shares in Q4 2021 were information and communication (N51.05 billion) with 19.72%; manufacturing (N45.09 billion) with 17.42%; and financial and insurance activities (N31.06 billion) with 12.00%.

Conversely, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use (N189.45 million) with 0.07%; water supply, sewerage, waste management and remediation activities (N328.58 million) with 0.13%; and activities of extraterritorial organizations and bodies (N447.01 million) with 0.17% were top three lowest shares in Q4 2021. However, on a year-on-year basis, CIT collections in Q4 2021 increased by 17.61% from Q4 2020.

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