By Babajide Okeowo
Despite the effect of the COVID 19 pandemic on businesses across Nigeria, the Federal Government generated the sum of N416.01bn from Company Income Tax in the third quarter of 2020.
This was contained in Data on Company Income Tax breakdown by sectors for Q3 2020 which reflected that the sum of N416.01bn was generated as CIT as against N402.03bn generated in Q2 2020 and N520.89bn generated in Q3 2019 representing a 3.48% increase Quarter-on-Quarter and -20.13% decrease Year-on-Year.
Professional Services including Telecoms generated the highest amount of CIT with N55.52bn generated and closely followed by Other Manufacturing which generated N42.03bn, Banks & Financial Institutions generated N24.05bn while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93m, N167.51m, and N321.72m generated respectively.
Out of the total amount generated in Q3 2020, N244.70bn was generated as CIT locally while N70.34bn was generated as foreign CIT payment. The balance of N100.97bn was generated as CIT from other payments.