Brewery, bottling, beverages companies generated highest income tax: NBS
The National Bureau of Statistics (NBS) says N392.77 billion was generated as Company Income Tax (CIT) in Quarter One, 2021 (Q1, 2021) an increase of N97.05 billion over N295.72 billion generated in Q4 2020.
This is revealed in the “Company Income Tax by Sectors, Q1 2021” obtained from the bureau’s website on Wednesday in Abuja.
According to the report, the generated amount was N97.09 billion more than the N295.68 billion generated in Q1 2020.
It also said that the Q1, 2021 figure represented a 32.82 per cent increase Quarter-on-Quarter and 32.84 per cent increase Year-on-Year.
The NBS said that the breweries, bottling and beverages generated the highest amount of CIT with N23.26 billion generated and closely followed by professional services including telecoms which generated N18.17 billion.
“State ministries and parastatals generated N17.35 billion while textile and garment industry generated the least with N13.49 million.
“This was closely followed by mining with N34.40 million and automobiles and assemblies which generated N73.57 million.”
The report said that out of the total amount generated in the period under review, N152.33 billion was generated as CIT locally while N184.59 billion was generated as foreign CIT payment.
It added that the balance of N55.85 billion was generated as CIT from other payments.
The NBS said that data for the report was provided by the Federal Inland Revenue Service (FIRS) and verified and validated by the NBS.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Three Ekiti residents in court over alleged assault, breach of peace
Mr Oriyomi alleged that the defendants engaged in a fight in a public place.
NationWide
Nigeria seeks constant dialogue with AES to bolster regional security
Nigeria has called for ongoing dialogue with the Alliance of Sahelian States to bolster joint efforts to address democratic instability.
World
Tyrannosaurus rex Gus sold by Sotheby’s for $50 million
A Tyrannosaurus rex skeleton named Gus sold for $50.1 million (about £44 million) at a Sotheby’s in New York on Tuesday.
Economy
U.S. to impose 25% tariff on Brazilian imports
Last year, President Donald Trump imposed a 50 per cent tariff on Brazil that was later struck down by the U.S. Supreme Court, which deemed the emergency law unlawful.
Agriculture
UN renews support for resilient food systems in Nigeria
Mr Fall said the UN would continue to support nationally led efforts through the UN Sustainable Development Cooperation Framework.
Rights
Two Anambra sisters arraigned for child labour
The sisters, however, pleaded not guilty to the three-count charge bordering on conspiracy and illegal dealing in children.
