Companies paid less taxes to Nigerian govt in 2020, official data show

The company income tax paid to the Nigerian government declined to N1.41 trillion last year, according to the Nigerian Bureau of Statistics.

The latest figures released by the statistics office on Wednesday showed that the CIT fell by 5.94 percent from N1.49 trillion in 2019.

The NBS said the sum of N295.72 billion was generated as CIT in the fourth quarter of 2020 as against the N416.01 billion generated in Q3.

The taxes paid by companies rose to N402.03 billion in Q2 from N295.67 billion in Q1.

The NBS said professional services, including telecoms, generated the highest amount of CIT of N32.17 billion in Q4, while textile and garment industry generated the least.

“Out of the total amount generated in Q4 2020, N162.00 billion was generated as CIT locally while N63.52 billion was generated foreign CIT payment. The balance of N70.20bn was generated as CIT from other payments,” it added.

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