Nigeria: Beer, Beverage Makers Generate Nigeria's Highest Company Tax - NBS

The government generated N392.77 billion in the first quarter.

The National Bureau of Statistics said the federal government generated N392.77 billion as Company Income Tax (CIT) in the first quarter of the year.

This is against N295.72 billion generated in Q4 2020 and N295.68 billion generated in Q1 2020, representing a 32.82 per cent and 32.84 per cent increase respectively.

The Bureau disclosed this in its "Company Income Tax by sectors Q1 2021", released on Wednesday.

The bureau said breweries, beverages and bottling companies generated the highest amount of CIT with N23.26 billion, closely followed by professional services including telecoms which generated N18.17billion.

It said state ministries and parastatals generated N17.35 billion while textile and garment industry generated the least and closely followed by mining and automobiles and assemblies with N13.49 million, N34.40 million and N73.57 million generated respectively.

Out of the total amount generated in Q1 2021, N152.33 billion was generated as CIT locally while N184.59bn was generated as foreign CIT payment.

According to the report, the balance of N55.85 billion was generated as CIT from other payments.

More From: Premium Times

Don't Miss

AllAfrica publishes around 900 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.