WED 23 FEB, 2022-theGBJournal- The latest Company Income Tax (CIT) report published by the National Bureau of Statistics (NBS) shows CIT for Q4 2021 stood at N347.81 billion on the aggregate, reflecting a decline of 26.39% on a quarter-on-quarter basis from N472.52 billion in Q3 2021.
Local payments recorded were N258.85 billion, while Foreign CIT Payment contributed N88.96 billion.
In terms of sectoral contributions, the top three largest shares in Q4 2021 were information and communication with a contribution of N51.05 billion or 19.72%. The manufacturing sector contributed N45.09 billion-17.42% while financial and insurance activities recorded N31.06 billion with 12.00%.
Conversely, top three lowest shares in Q4 2021 comes from activities of households which contributed N189.45 million or 0.07%, water supply, sewerage, waste management and remediation activities recorded N328.58 million with 0.13% and activities of extraterritorial organizations and bodies recorded N447.01 million with 0.17%.
However, on a year-on-year basis, CIT collections in Q4 2021 increased by 17.61% from Q4 2020.
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%) and construction (33.32%)
Electricity, gas, steam, and air conditioning supply contributed 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%.
Twitter-@theGBJournal|Facebook-The Government and Business Journal|email: gbj@govbusinessjournal.ng| govandbusinessj@gmail.com
