Income tax revenue stood at N1.41 trillion in 2020, indicating a 13.35% decline.
Nigeria’s company income tax revenue stood at N1.41 trillion in 2020, indicating a 13.35% decline when compared to N1.63 trillion recorded in the previous year.
This is according to the latest CIT report released by the National Bureau of Statistics (NBS).
According to the report, the latest figure represents the second consecutive drop in company income tax revenue. The N1.41 trillion CIT collection represents a 13.4% decline as against N1.62 trillion in 2019 and a 0.49% decline when compared to N1.42 trillion recorded in 2018.
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Professional services tops the list of sectors with the highest contributions at N180.26 billion, followed by other manufacturing sector with N100.4 billion company income tax payment.
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Others on the list include; Banks and financial institutions (N96.4 billion), commercial and trading (N68.5 billion), while breweries, bottling, and beverages remitted N53.2 billion in company income tax.
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