Company Income Tax (CIT) recorded a N124.71 billion decline from N472.52 billion in quarter three (Q3), 2021 to N347.81 billion in Q4, the National Bureau of Statistics (NBS), said.
On a year-on-year basis, CIT collections in the period under review increased by 17.61% from quarter four, 2020.
The Bureau said this in its “Company Income Tax (CIT) Quarter Four 2021” data posted yesterday on its website.
The report said the Information and Communication sector accounted for the highest CIT at N51.05 billion, followed by Manufacturing N45.09 billion, while Financial and Insurance Services, and Mining and Quarrying accounted for N31 billion each.
However, activities of households as employers, undifferentiated goods and services-producing activities of households for own use at N189.44 million accounted for the lowest remittance of CIT, even at 563.56% growth.
This was followed by extraterritorial organisations and bodies, which remitted N447.01 million and water supply, sewerage, waste management and remediation activities accounted for N328.57 million.
Real estate activities stood at N1.68 billion, and human health and social work N2.83 billion.
The report further revealed that local CIT payments recorded N258.85 billion, while foreign taxes were N88.96 billion.
The NBS said that on a quarter-on-quarter basis, positive growths were recorded in accommodation and food service activities (116.01%); and extraterritorial organisations and bodies (128.92%).
Growths were also recorded in construction at N5.384 billion (33.32%), and electricity, gas, steam and air conditioning supply at N5.17 billion (84.68%).
“On the other hand, decreases in collections were recorded in administrative and support service activities (-72.15%), agriculture, forestry and fishing (-34.52%), arts, entertainment and recreation (-25.31%).
“Others are education (-1.61%), financial and insurance activities (-5.52%), information and communication (-4.33 per cent), manufacturing (-23.21%) and mining and quarrying (-7.56%).”
The report further revealed that local CIT payments recorded N258.85 billion, while foreign taxes were N88.96 billion.
